Very detailed post. However, you forgot to define what an LLC means:
Definition of LLC
A Limited Liability Company (LLC) is a specific type of business structure in the United States that combines elements of both corporations and partnerships.
Key Features
Limited Liability: Owners, known as members, are protected from personal liability for the company's debts and obligations. This means that personal assets are generally safe from business creditors.
Pass-Through Taxation: LLCs typically do not pay federal taxes at the entity level. Instead, profits and losses are passed through to the members, who report them on their personal tax returns.
Flexibility: LLCs offer flexibility in management and organization. They can be managed by members or designated managers, and there are fewer formalities compared to corporations.
So, protection from personal liability. The main reason to set up an LLC.
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