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kentuck

(111,097 posts)
Sat Dec 16, 2017, 09:48 AM Dec 2017

What are LLC's? An important article from USA Today from June 2017

https://www.usatoday.com/story/news/2017/06/13/trump-property-buyers-make-clear-shift-secretive-llcs/102399558/



<snip>
Sen. Sheldon Whitehouse, a Rhode Island Democrat on the Senate Judiciary Committee investigating the Trump campaign’s contacts with Russians during the 2016 election, raised concerns about the source of funds, considering Trump’s history with foreign investors in his development projects.

“Once you know—as we do – that corrupting influence by Russia is a matter of Russian practice through shell corporations, that puts a particular spotlight on transactions in which the President of the United States through his direct business interests is involved,” said Whitehouse, who is pushing legislation that would force more disclosure about the owners of all LLCs in real-estate transactions. “It’s easy: simply disclose who the party of interest is on the other side so we know it’s an ordinary business transaction and it’s not influence peddling.”
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What are LLC's? An important article from USA Today from June 2017 (Original Post) kentuck Dec 2017 OP
And the reason to use an LLC is the following... lapfog_1 Dec 2017 #1

lapfog_1

(29,205 posts)
1. And the reason to use an LLC is the following...
Sat Dec 16, 2017, 10:01 AM
Dec 2017

By funneling income through an LLC before it becomes "net" income to an individual, the LLC gets to write off a *LOT* more deductions, thus reducing the amount of reported individual income (subject to the soon to be reduced top income rate). And the LLC can spend those tax savings on whatever it wants... like, for example, more investments that earn even more income.

Not to mention the liability ( someone can't as easily sue YOU for your personal assets if the entity that they were dealing with was your LLC ) and the ability (as Mr. Whitehouse is pointing out) of hiding the identity of the owners of LLCs.

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