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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.
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 ...
62.1 Tax classifications. 62.1.1 Taxable Organizations. 62.1.2 Tax Exempt Organizations. ... limited liability company "societate cu raspundere limitata" (SRL); Slovakia
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