Being the product of an LLC is way better for tax purposes.
“Being the product of an LLC is way better for tax purposes.”
Not really. The LLC is a non-recognised entity for tax purposes and does not shelter any income, assuming it is a 1 person LLC.
Thus all income is taxable on his personal return.
If he has multiple owners of the LLC, then it files as a partnership. He would then need to prove it was not assignment of income ot it would be automatically disallowed.
All this is true unless he changes his name to Biden.
But you can’t work as an employee — and be paid as if you were a contractor.
It is. Especially your assets, because you can separate your personal assets from the business.
I thought athletes and entertainers were already LLCs?