Comment by rbultje
One of the reasons small businesses have been hit so hard with this is because for then (when incorporated as LLCs), their tax rate is 37% + state + local. I live in NYC and my LLC has a combined tax rate of 50%.
One of the reasons small businesses have been hit so hard with this is because for then (when incorporated as LLCs), their tax rate is 37% + state + local. I live in NYC and my LLC has a combined tax rate of 50%.
Note that LLC isn't a tax status
An LLC can either file as a c corp and get corporate tax rates, or (sometimes) file as passthrough like as in a sole proprietorship. Or as a partnership. It gets complicated
https://www.irs.gov/businesses/small-businesses-self-employe...
Anyways, it's up to you, it's not necessarily due to it being an LLC.