LLCs changing from partnership tax treatment to corporation or vice-versa may encounter issues including gain recognition.

For federal income tax purposes an LLC, or limited liability company, is considered a disregarded entity. In effect, the LLC does not exist under the Internal Revenue Code. Despite this fact, a ...

Taxation is one element to consider when choosing a business structure for your company. One unique aspect of Limited Liability Companies (LLCs) is your ability to decide how they will be taxed. That ...

While you may have initially opted for the sole proprietorship or partnership structure for your startup business, these structures may not be practical once your business begins to grow and expand.

The dream of entrepreneurship often leads business owners to establish Limited Liability Companies (LLCs), attracted by their flexibility and asset protection. Yet a critical oversight in tax ...

More than two decades ago, the Service announced its intention to consider simplifying the entity classification rules in Notice 95-14. It stated: “The Internal Revenue Service and the Treasury ...

A single-member limited liability company, as a solely owned LLC is called, gives the owner a choice of how to be taxed -- as a sole proprietorship, an S corporation or a C corporation. The legal ...

The nature of your LLC can influence which tax forms you need and what you ultimately owe. Many, or all, of the products featured on this page are from our advertising partners who compensate us when ...

When you have valuable assets, significant costs or debt, or the possibility of someone getting hurt, a limited liability ...