A limited liability company is a state-law entity that shields owners from business liabilities and is taxed by default as a sole proprietorship (one owner) or a partnership (multiple owners), with an option to elect corporate or S corporation treatment.
An LLC does not by itself reduce taxes; the election determines the tax treatment. Foreign-owned single-member LLCs have Form 5472 obligations from the first year.
Why it matters: the entity decision and the tax election are separate decisions, and the second one is where the savings or the mistakes come from.
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