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Why Every Online Business Should Operate as an LLC Liability protection is one of the most important reasons for forming any business entity like an LLC or corporation. It's no secret that a lawsuit epidemic is going on in the US and it only seems to be getting worse. Statistics indicate there are more than 1,000 lawsuits being filed every day and small business owners are often prime targets. Can Your LLC Elect S Corporation Tax Status An LLC can be taxed similar to an S corporation. If you are wondering, why you would even want this type of tax treament? Read on and I'll explain. Set Up Your Own LLC in Seven Essential Steps STEP 1 - Choose A Name and Check Its Availability: Big Mistake Made by LLC Owners If you'll give me just 5 minutes of your time, I'll explain how you can avoid a serious mistake I see many LLC owners make. They try to form a limited liability company (LLC) by filing the initial form with the State Filing Office, usually the Secretary of State.