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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.
From a tax standpoint, LLCs are unique because the IRS does not have a specific LLC tax classification. By default, the IRS classifies one-member LLCs as sole proprietorships or "disregarded ...
It is a hybrid structure that combines the legal and tax flexibility of a traditional LLC, the social benefits of a nonprofit organization, and the branding and market positioning advantages of a social enterprise. An anonymous limited liability company is an LLC for which ownership information is not made publicly available by the state.
If you have a limited liability company (LLC), electing to tax it an S corporation could be helpful. Numerous factors could help your decision. ... (LLC), electing to tax it an S corporation could ...
obrt: ≈ sole proprietorship; several types: slobodni obrt (free proprietorship), vezani obrt (tied proprietorship), and povlašteni obrt (privileged proprietorship) registered according to profession where tied and privileged types are reserved only for master craftsmen): paušalni obrt (flat-rate proprietorship), obrt-dohodaš (income tax ...
Continue reading -> The post What Are the Tax Benefits of an LLC? appeared first on SmartAsset Blog. One of the most popular ways to organize a business is as a limited liability company ...