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An LLC is a business ownership where the owners, known as members, have the liability protection of a corporation. LLC owners cannot be held personally liable for debts unless they have signed a personal guarantee. A LLC can be held in a retirement through Trust Administration Services. Title to the property would be held in the name of your real estate IRA account (FDIC as Receiver for First Regional Bank c/f Client Name Retirement Account) with the TRUST tax identification number. Trust also requires an attorney’s opinion letter for an LLC.
All the business losses, profits, and expenses flow through the company to the individual members. Owners avoid the double taxation of paying corporate tax and individual tax. In addition, there are many various ways of distributing profits in an LLC compared to the normal partnership where the split is 50/50.
Consult with your attorney or tax advisor for details regarding LLC issues.
Contact your Customer Service Representative for help completing the LLC transaction.
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