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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, with the speaker owning six LLCs and having set up over 5,000 for clients. LLCs are the most popular business vehicles, but many owners are uncertain about whether they should have one. In this video, Carlton Dennis discusses the key considerations before setting up an LLC, highlighting common mistakes LLC owners make, such as not knowing the type of income they are receiving. It is crucial to understand this before establishing your LLC.