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Single-Member LLC

Whereas a Corporation has shareholders, a Limited Liability Company has ‘members’ and a ‘single-member’ LLC has one owner. The IRS disregards a single-member LLC and looks to the single-member as the responsible (tax-paying) party just as most courts look to the single-member as the (liable) party. Therefore a single-member LLC does not file a separate tax return, the single-owner (if an individual) is responsible for filing information on their personal 1040 tax return. The great states of Nevada, Wyoming and Delaware are currently the only states in the union wherein their state statutes specifically state in-writing that the charging protection applies to single-member Limited Liability Companies as the sole and exclusive remedy for judgement creditors. Unless a single-member LLC is formed in one of these three states, or the sole member of the LLC is another entity, single-member LLC’s offer no asset protection or tax benefits.


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