So for the casual gambler who goes big a few times a year and hits 10 or 12 hand pay's on slot machines, the LLC route may make sense. This is because of the changes in tax codes for individuals improving the standard deduction. Normally when itemizing you offset winnings with your losses, and reduce the tax burden. However, if you don't itemize due to standard deduction being better, then you pay on winnings without offset.
The LLC would have "profit/loss" and expenses combined to show the "real income" to the owners and therefor probably be able to pass muster
Two people set up an LLC or Corporation, and make it a travel agency specializing in casino junkets for clients. Hell get licensed as a travel agent for that matter and use that to try and get other travel benefits.
Seems logical to me, but as a true MBA guy i'm always open to feedback
Thanks
Robrmi
Quote:
Originally Posted by busto23
I honestly had a 3 hour talk with a good lawyer for a company I'm opening. If you are the sole person who makes the decisions in an LLC, they can and will easily come after your assets.
You can't just use the LLC as a shield for messing up. So if the reason is for protection, it's useless.