If your company is sued, it prevents you from using your personal assets to pay off your business debts or liabilities. LLCs, sole proprietorships, and partnerships enjoy the second benefit, pass-through taxation. You avoid the disadvantage Corporations face: double taxation by having your business profits/losses reflected on your tax return instead of being taxed separately while starting a Colorado LLC. You will avoid double taxation by doing this. Essentially, double taxation occurs when you pay taxes on both the corporate and personal levels.
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