Llc Or S Corp For Small Business
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An S corporation is a tax status created so that business owners can save money on taxes.
Llc or s corp for small business. An LLC can be an S-corp or even a C corporation depending on how the business owner chooses to be taxed. Fortunately this is perfectly legal and there are tons of ways to effectively do this. LLC and S Corporation Benefits.
An S Corporation Small Business Corporation is a business elected for S Corporation Status through the IRS. If you have a business entity such as an LLC or limited liability partnership you must. After filing Articles of Incorporation a Corporation may seek to obtain S Corporation status for federal income tax purposesThe income of an S Corporation is taxed only once.
See the Instructions for Form 2553 PDF for all required information and to determine where to file the form. For a small amount of money and just a few minutes of your time youll be protecting your personal assets in addition to making your business run more smoothly and professionally. S corps allow profits and some losses to be passed through directly to owners personal income without ever being subject to corporate tax rates.
To the IRS however your business is an S Corporation. S corporations can be particularly beneficial to small businesses due primarily to the tax benefits and legal protection afforded to its shareholders. There is too much risk for them to take on by investing in a sole proprietorship since their own personal assets may be affected should the company flounder.
An LLC is a matter of state law while an S-corp is a matter of federal tax law. An S corporation is a federal tax status not a legal business entity. If you prefer to file as a corporation Form 8832 must be submitted.
Although most small business owners realize that income tax is a necessary evil they would love to find small business tax deductions and other ways to cut down their tax bill. It can be painful to see a big chunk of your companys profits being eaten up by taxes. Watch our video to compare the two most common entity types chosen by new businesses corporations and limited liability companies and learn about the advantages and disadvantages of each.
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