Comment Re:Myth: Corp shields you from company failure (Score 1) 1330
I'm aware of LLC's that can do that so they don't have to pay corporate taxes on the profit and then pay income tax by transferring the money to the owner. However, the benefit of such a company is still that your net income is taxed rather than your gross. Without a corporate status, you would be paying income tax on any and all revenue but with the tax benefits of an LLC, you get to write off your operating expenses and or money routed into business expansion instead of your own pocket.