An LLC (Limited Liability Company) is a popular legal form in the United States that combines elements of a corporation and a partnership. It offers entrepreneurs limited liability, meaning that their personal assets are protected against debts or legal claims by the company
Why choose an LLC?
An LLC is attractive to entrepreneurs because of:
- Flexibility in structure: You can opt for a single-member or multi-member LLC.
- Tax advantages: LLCs can be treated as fiscally transparent, with profits taxed directly to members, without double taxation.
- Simple incorporation: In many states, setting up an LLC is relatively simple and requires minimal paperwork.
- Asset protection: As long as there is no fraud, members are not personally liable for debts of the LLC.
LLC and accounting: a challenge?
While an LLC offers many advantages, it also brings administrative responsibilities. Think of keeping track of purchase and sales invoices, processing receipts, and preparing financial reports. Especially for LLCs that operate internationally or have multiple members, this can become complex.
The solution: TriFact365
TriFact365 is a Dutch platform that automates the processing of financial documents. It offers:
- Invoice Recognition technology: Invoices and receipts are automatically read and converted into booking proposals.
- Real-time links to leading accounting software such as Exact Online, Twinfield, AFAS, Visma eAccounting and more.
- Mobile app for instantly photographing and uploading receipts.
- Workflows and authorisation flows for document approval.
- Digital archive that is secure and clear, even when switching accounting packages
LLCs and TriFact365: a powerful combination
For LLCs looking to streamline their administration, TriFact365 offers an efficient solution. Although TriFact365 is primarily aimed at the Dutch market, international companies with an LLC structure can benefit from its automation and links to accounting software that is also used internationally.
Example: Say you have an LLC in the US and work with Exact Online as your accounting package. TriFact365 can link directly with Exact Online, automatically reading and processing your invoices. This saves time, prevents errors and ensures orderly administration.
An LLC offers entrepreneurs flexibility and protection, but also requires proper administration. With TriFact365, you can largely automate this administration, leaving more time for business.
