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As of 2021, there are 31.7 million business owners in the United States, many of whom are setting up LLCs. LLCs are popular business vehicles, with one out of every six taxpayers owning one. However, many LLC owners are unsure if they should be in an LLC. In this video, Carlton Dennis discusses common mistakes made by LLC owners before setting up an LLC. Mistake number one is not knowing the type of income you're receiving before setting up your LLC, as there are three different income types to consider.