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As of 2021, there are 31.7 million business owners in the United States, with many opting to set up LLCs. One out of every six taxpayers owns an LLC, and the speaker himself owns six LLCs and has set up over 5,000 for clients. LLCs are popular among business owners, but many are unsure if they should have one. In this video, Carlton Dennis discusses key considerations before setting up an LLC and highlights common mistakes LLC owners make. Mistake number one is not knowing the type of income you're receiving before establishing an LLC, as there are three different income types to consider.