My spouse is a contractor at FB-, we are planning to setup Llc for her earnings to take deductions. Can someone share experience setting one? Can she do that if she is a contractor through a vendor company? How does this work? Does she deposit her paycheck in LLC acount or she has to start asking for money in the name of the LLC. We would also like to buy a car in the company's name for her commute.
Llcs are pass through so you are going to lose money in exchange for additional legal protection? Why would you do this?
Taxes. Basically you only pay corporate taxes instead of income tax for everything that comes through the LLC. Much lower tax rate
That's simply incorrect. A pass through means you have identical taxes plus a fee for establishing the llc.
Can you please explain the source of your info?
You have to ask if it's allowed first.
We haven't asked but does it make a difference to Facebook?
Yes