The purpose of a Limited Liability Company is, as the name implies, to limit the exposure of its partners to the liabilities of the company. It is not to get preferential tax treatment. An LLC files a partnership tax return just like an ordinary partnership, and its members pay taxes of their shares of the company's profits.
I'm sure one of our attorneys here will do some hair-splitting, but that's my understanding.
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Today's Featured Article - Usin Your Implements: Plow and Disc - by Curtis Von Fange. Introduction: Dad was raised during the depression years of the thirties. As a kid he worked part time on a farm in Kansas doing many of the manual chores. Some of the more successful farmers of that day had a new time saving device called a tractor. It increased the farm productivity and, in general, made life easier because more work could be done with this 'mechanical beast'. My dad dreamed that some day he would have his own tractor with every implement he could get. When he rea
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