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A limited liability company (LLC) is the United States-specific form of a private limited company. ... Using default tax classification, ...
If an entity has been operating under one classification for some time, but then elects to change its classification, there may be tax consequences. The initial regulations were unclear on this point, so the IRS issued Revenue Rulings 99-5 and 99–6 in 1999 to address questions surrounding the conversion of an LLC to a partnership and vice versa.
62.1 Tax classifications. 62.1.1 Taxable Organizations. 62.1.2 Tax Exempt Organizations. ... limited liability company "societate cu raspundere limitata" (SRL); Slovakia
If you have a limited liability company (LLC), electing to tax it an S corporation could be helpful. Numerous factors could help your decision. ... If you have a limited liability company (LLC ...
This tax applies to a "dividend equivalent amount," which is the corporation's effectively connected earnings and profits for the year, less investments the corporation makes in its U.S. assets (money and adjusted bases of property connected with the conduct of a U.S. trade or business). The tax is imposed even if there is no distribution.
A limited liability company and certain other business entities may elect to be treated as corporations or as partnerships. [42] States generally follow such characterization. Many states also allow corporations to elect S corporation status. Charitable organizations are subject to tax on business income. [43]