California corp.

I don't see how a LLC can protect you from any liablility if you are the
sole owner/employee. There is no way to avoid liability for ones own
actions.

Mike
MU-2

"Rob Thomas" wrote in message
...
Agreed. I'm more concerned about liability from my actual business
activities which the LLC helps provide, as well as a big ole general
liability insurance policy.

r.

"Mike Rapoport" wrote in message
hlink.net...

If it is your aircraft and you are the pilot, then there is no liability
protection advantage of having a corporation (or other entity) own the
aircraft.

Mike
MU-2

"Rob Thomas" wrote in message
...
Single entity LLC's (one director, me) are treated *exactly* like sole
proprietorships by the IRS. However, they are still afforded the same
legal
protections as a C-Corporation. It *used* to be that LLC's were
treated
as
partnerships, or the LLC could elect to be treated as a C-Corp for tax
purposes. Those regulations changed a few years ago.

I file a 1040, along with a Schedule C (profit/loss from business)
just
as
any other sole proprietorship would.

Just a side note, all of my income is produced through my LLC, so it's
not
just a holding company for an aircraft. I know some people set them
up
that
way, but just wanted to point out that mine is not setup that way.

r.

"Tony Cox" wrote in message
hlink.net...
"Rob Thomas" wrote in message
...
Absolutely.

The $800 goes directly on Schedule C of my personal tax return.
My
LLC
is
treated as a sole-proprietership by California because I'm the
only
member.
So, I get the legal protection of a C-Corp and the paperwork ease
of
a
sole-proprietership.

r.


How does that work exactly? I'm not familiar with LLC's, except
that from what I remember you can opt to have them treated as
either partnerships or corporations for tax purposes.

I don't understand how you can pass the $800 back to your individual
return unless you're treated as an S-corp for tax purposes.