LLC Big Tax Consequences
LLC Big Tax Consequences For Single Member LLC’s The IRS imposes self-employment tax on net profit at a rate of 15.3% plus Federal and State income tax.
When a business is formed as a single-member LLC, the company becomes its own legal entity. That means its owner (member) is typically not held personally responsible for debts or if legal action is taken against the business.
LLC Big Tax Consequences For Single Member LLC’s The IRS imposes self-employment tax on net profit at a rate of 15.3% plus Federal and State income tax.