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Single Member LLC: What You Need to Know This Tax Season (2021)

LyfeAccounting

One of the most popular types of business entities in the United States is a single-member limited liability company. Let’s first dive in by quickly looking at what an LLC is. What is an LLC? LLC stands for limited liability company which is simply a type of business entity you can create when you choose to go into business.

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How to Pay Yourself as a Sole Proprietor

LyfeAccounting

And guess what, today’s episode is all about you. What is a Sole Proprietor? you haven’t registered as an entity with your state. For tax purposes, sole proprietors are considered disregarded entities. What Taxes Do You Have to Pay as a Sole Proprietor? We’re going to explain: Who is a sole proprietor?