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- Jun 20, 2014
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Hi everyone! I've read all the popular posts on this forum and this community seems amazing. So here goes my first post.
I have a startup LLC that I own and also a personal LLC. my personal LLC has no income, it just... exists.
I have heard of wealthy families setting up their family as a corporation and all finances being run as that corporation (so all cars and houses would be under that corporations name I'd assume). This is for tax breaks and I'm sure there are other incentives I don't know about that Id love to learn.
please feel free to comment on any or all parts of the above list.
thank you
Disclaimer: everything I say is hypothetical and does not necessarily mean I partake in or perform any actions I claim or mention.
I have a startup LLC that I own and also a personal LLC. my personal LLC has no income, it just... exists.
I have heard of wealthy families setting up their family as a corporation and all finances being run as that corporation (so all cars and houses would be under that corporations name I'd assume). This is for tax breaks and I'm sure there are other incentives I don't know about that Id love to learn.
- How can I do that? is there a guide? what phrases could I search on google that would teach me more about it?
- Could I leverage my personal LLC to solely get tax benefits? It would really serve no other purpose than for me to write of my miles on my car (tax deductible) for "work" purposes. I could also use it to buy products for "work" which could be tax free or deductible. I would then, of course, use it for my personal life.
- What else could I use my personal LLC for that could save me money?
please feel free to comment on any or all parts of the above list.
thank you
Disclaimer: everything I say is hypothetical and does not necessarily mean I partake in or perform any actions I claim or mention.
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