How to Start a Business: Business License in the U.S. in 2016 | The Ultimate Beginners Guide

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How to Start a Business: Business License in the U.S. in 2016

The reason to consider getting a business license is because you separate yourself from your business.

Advantages of an LLC
Members are protected from personal liability for business decisions or actions. If the LLC incurs debt, the issued members personal assets are usually exempt. Keep in mind that limited liability means limited liability. Members are not necessarily shielded from wrongful acts, including those against employees. Finally, there’s less registration paperwork and there are low start-up costs.

Disadvantage of an LLC
Self-employment taxes. Members of an LLC are considered self-employed and must pay the self-employment tax contributions towards Medicare and Social Security. Their entire net income of the LLC is subject to taxes.

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Matt Bernstein

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