There is one slight advantage to a single member LLC. If you are the sole owner of the entity (single member LLC) you can choose to be taxed as a sole proprietor or corporation (C or S). If you are willing to be taxed as a “sole proprietorship,” then you don’t need to get an EIN. You will still operate as an LLC, but it will be a “disregarded entity” in the eyes of the IRS.
With all the news about the debt ceiling and the stock market in crisis, it is natural to wonder just how safe is the money we hold in bank accounts. This question may be particularly important to for trustees and beneficiaries of Trust accounts. Most of us
You can have more than $250,000 at one insured bank or savings association and still be fully insured provided the accounts meet certain requirements. For instance, if you have a joint account then each person listed on the account can have $250,000. This is where living revocable trusts fit in. A living revocable trust account at an FDIC insured bank can have more than $250,000 as long as it has more than one beneficiary.
How can you protect your assets ahead of time? There are certain questions you need to consider. How risky is your business? Are you a detail person? Do you have a family? What state are you living in? It is always a good idea to hold your home in your own name for tax reasons.
