Looks like I'll be forming one of the two for a new position I'll be taking. I'll be working on contract basis and responsible for all of my own withholdings, benefits, etc.. This is new territory to me being that I've always been on a payroll, so any help is appreciated. I will also likely be looking for a CPA in the Houston area in the coming months too.
Can I leave money in the LLC tax deferred to invest? Sort of using the LLC as a 401K account. If so, how much and for how long? Would I be restricted as to where I could invest the money?
My plan would be to pay myself an hourly rate from my LLC based upon how much I'll "need" at any given time (ex: $50/hr at 40hrs/wk). I will be the only employee under the LLC.
Also, any insight into things I'm likely overlooking as to which one would be better for my circumstances would be appreciated. Thanks
Can I leave money in the LLC tax deferred to invest? Sort of using the LLC as a 401K account. If so, how much and for how long? Would I be restricted as to where I could invest the money?
My plan would be to pay myself an hourly rate from my LLC based upon how much I'll "need" at any given time (ex: $50/hr at 40hrs/wk). I will be the only employee under the LLC.
Also, any insight into things I'm likely overlooking as to which one would be better for my circumstances would be appreciated. Thanks