Originally Posted by Julia2:
Thank you for answer me, so what is the benefit to became a Single person LLC?, the only reason that I was thinking to became a LLC is for protection in case someone have a problem and the insurance in not enough to cover, is there any LLC home daycare that can tell me the benefits or disadvantage ,I was planning to became a single or individual LLC, as a individual LLC can I do my taxes as a self employed, were I can deduct the depreciation of my house, etc?, thank you
The advantage of a single person LLC is that your tax forms are the same as a sole proprietor and that means you can deduct expenses in the same way. If you set up any other type of LLC the forms are different, more difficult to fill out, a tax preparer will charge more to fill them out, and you will lose your house depreciation deduction.