CONTENTS >> FINANCE   Nov/Dec 2011
 
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Nov/Dec 2011 Issue
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FINANCE
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Scott Burnett, Esq.

Put More Money in Your Pocket

Operate Your Home-Based Business as a Corporation or an LLC

By Scott Burnett, Esq.



All network marketers, whether full-time or part-time, can benefit from forming a corporation or an LLC. There are two reasons why; one has to do with lowering your taxes, the other, with growing your business. As a business owner, your goal is to have the money that comes in taxed at the lowest rate allowed by law. If you are doing this business as a sole proprietor, you are going to pay more taxes than if you operate it as a corporation or an LLC. You also want your business to grow independently of you, so that it is considered a separate legal person in the eyes of the law. As a corporation or an LLC, it can develop its own financial identity, for example, establishing credit for itself independent of the owner. This means your business has the ability to have unlimited growth potential.


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