LLC vs Sole Proprietorship: What's the SMART Choice for Your Business?

[@alexandrarotre8564]

Thank you for the information.

[@jimhart]

You bet!

[@MekaylaBurgess]

Thank you for this!!!!

[@jimhart]

You're so welcome!

[@machineman6498]

Thank you for making this.

[@jimhart]

My pleasure!

[@RobbyGoodwin]

Im confused about something! If I have a home based business and I use a virtual address for setting up my EIN, bank account etc., What address do I give the irs when doing my business tax return if I want to claim the tax deductions for home use? The home address or the virtual? Will that cause confusion when the irs see my address doesn’t match the address given for the EIN? Do I even give the irs my virtual address when getting an EIN? Am I overthinking? Thanks

[@jimhart]

I think you are overthinking - I would talk to your accountant

[@caymanbiz4114]

As a owner operator of a watersports company in the caribbean, Is there any benefit of making an llc if I can still be sued personally as the operator for negligence?

[@jimhart]

You should talk to a lawyer in the country where your business is located.