Part 3/10:
An LLC helps owners save money on taxes by allowing pass-through taxation, meaning profits are only taxed once at the owner’s personal tax rate, avoiding the double taxation faced by corporations. Additionally, LLCs provide crucial liability protection, safeguarding owners' personal assets if the business faces lawsuits or debts. This protection is particularly valuable for businesses with physical locations, employees, or services with inherent risks — such as restaurants or retail shops.