Married Couples: Instead of having your LLC taxed as a Partnership, married couples can elect to be taxed as a Single-Member LLC (aka Qualified Joint Venture). This is allowed in Texas because Texas is a community property state. Besides federal taxes, there are also state and local taxes ...
December 17, 2024 · 22min read If you're starting a new business, it's important to make sure the name you choose isn't already taken. Here's how. November 26, 2024 · 12min read In Texas, the main cost of starting your LLC is the state filing fee of $300. ...
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Business partners who plan on starting a business together might consider forming either a limited liability company (LLC) or a limited liability partnership (LLP). When it comes to LLC vs. LLP, there are a few key differences. Although both are granted limited liability protection and don’t...
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In California, professionals cannot form an LLC or PLLC; instead, they may form aProfessional CorporationorLimited Liability Partnership. In other states that don’t recognize the PLLC structure, professionals must choose an entity structure per the state’s specific rules for licensed occupations. ...
Married Couples:Instead of having your LLC taxed as a Partnership, married couples can elect to be taxed as a Single-Member LLC (akaQualified Joint Venture LLC). This is only allowed incommunity property states. Besides federal taxes, there are also state and local income taxes – and sales...
By default, a LLC in California is taxed by the IRS based on the number of owners your LLC has: A Single-Member LLC is taxed like a Sole Proprietorship. A Multi-Member LLC is taxed like a Partnership. Alternatively, you can ask the IRS to tax your LLC like a C-Corporation or S-Co...
VisitLLCs vs. Partnerships for a full comparison. Limited Liability Partnership (LLP) When it comes to personal liability, LLCs generally offer more broad protection than LLPs. With an LLC, members are usually not personally liable if the LLC is sued or owes any debts. ...