LLC vs Sole

[Sam2000]

Jurisdiction

California

In California For an LLC, is it correct that financials are run the same as if it were a Sole Prop that you pay on individual tax forms and track all income and expenses throughout the year, this is done on tax forms through a tax advisor?

Is it possible to create an LLC by oneself, I have seen it suggested to seek lawyer or accountant services, why?

 

[army judge]

In California For an LLC, is it correct that financials are run the same as if it were a Sole Prop that you pay on individual tax forms and track all income and expenses throughout the year, this is done on tax forms through a tax advisor?

Is it possible to create an LLC by oneself, I have seen it suggested to seek lawyer or accountant services, why?

If your dog has health issues, you see a vet.
If your child is sick, you take her to a physician.
If you have legal problems you consult an attorney.
When it comes to tax matters, you see a CPA or tax attorney.
If your questions are regarding your business, please for your benefit, consult a CPA, tax attorney, or business attorney.
Regarding the efficacy of LLC financials, you should consult a CPA or a tax attorney.

 

[adjusterjack]

In California For an LLC, is it correct that financials are run the same as if it were a Sole Prop that you pay on individual tax forms and track all income and expenses throughout the year, this is done on tax forms through a tax advisor?

That's true in CA and every other state since it's the IRS that disregards a single member LLC for income tax purposes. You can find plenty of business tax information on the IRS website.

Is it possible to create an LLC by oneself, I

Yes. CA has plenty of information on that:

Limited Liability Company (LLC) | California Franchise Tax Board

I have seen it suggested to seek lawyer or accountant services, why?

Because most people don't know squat about the legal or financial issues involved in running a business and end up on sites like this when they get into trouble.

If you are asking questions BEFORE going into business, then I commend you on your good sense and would be happy to engage in further discussion.

 

[Michael Wechsler]

Another issue is that creating the wrong corporate form can create problems. States feature different types of small business corporations and it's not always clear of how one may impact you over the other. For example, the differences between an S corporation and an LLC among others. Filing and paperwork requirements can vary as well as issues pertaining to additional members or shareholders, which might be something to consider if you believe that you have a reason for success.