“14. “LLCs provide the ultimate in tax flexibility. They allow business owners to start small, and be taxed as a sole proprietorship. This keeps tax compliance costs low. As they grow, it will likely be optimal for the taxpayer to be an S-Corporation. LLCs allow them to modify their tax structure without having to change EINs or legal structure. I refer to LLCs as ‘chameleon entities,’ because they are able to take on the characteristics of any entity they choose.”
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