LLCs have more options than LLPs when it comes to taxation. LLCs can elect to be taxed as a corporation—usually an S corporation. In an LLC without an S election (like a general partnership), members pay self-employment taxes on their portion of the LLC’s total earnings. As an S...
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LLC vs. S corp—what’s the difference? An LLC is a type of business entity while an S corporation is a corporation with a special federal tax election. Either an LLC or a C corporation that meets certain requirements can apply to be treated as an S corporation for tax purposes. An S...
An S corp is not a business entity but a federal tax choice. A C corp or LLC can apply for an S-Corp. This federal tax election protects the owners’ personal assets and avoids double taxes. Sole Proprietorship vs. LLC Although it is easy and cost-effective to run a business as a s...
LLC electing S Corp tax status: An option you may not know you have If you think you can benefit from the combined features of using an LLC to own and operate your small business and then having it be taxed like an S corporation, evaluate the election of S Corp tax statu...
Once you file your LLC articles of organization with the state and pay your state fees, you’re an LLC. Congratulations!! Unfortunately, a lot of attorneys and many websites stop there. If that’s as far as you go, you’re missing the tax advantages and asset protection an LLC can giv...
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you've received a certificate of incorporation showing that your business has been registered and incorporated, you must file form 2553 with the IRS. The form, called the Election by a Small Business Corporation, changes the company's tax reporting status if the Internal Revenue Service approves ...
S corp LLC: does the LLC make the Illinois close corporation with S election obsolete? (limited liability company)Petravick, GailTroutman, Coleen S