Michael Torres
CPA, Former IRS Revenue Agent
LLC (Limited Liability Company)
In This Article
Definition
Business structure providing personal liability protection while maintaining tax flexibility.
Related Terms
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FAQs
Do gig workers need an LLC?
Not required; provides liability protection.
When should I form an LLC?
When earnings are significant or liability risk is high.
Similar Terms
NDA (Non-Disclosure Agreement)
Legal agreement preventing sharing of confidential information about a client's business.
Contract
Legal agreement outlining project terms, payment, deliverables, and responsibilities.
Sole Proprietor
Simplest business structure where individual and business are legally the same entity.
EIN (Employer Identification Number)
Tax ID number for businesses, sometimes used instead of SSN for payments.
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Important Disclaimer: This content is for informational purposes only and should not be considered tax, legal, or financial advice. Consult a qualified professional (CPA, tax attorney, or financial advisor) for advice specific to your situation.