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A limited liability company (LLC) is the United States-specific form of a private limited company. It is a business structure that can combine the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation . [ 1 ]
In addition to meeting IRS Treasury Regs.Sec.53.4944-3(a), many states require the label "L3C" or "low-profit limited liability company" to appear in the name of the organization. Each state may have state-specific requirements that govern L3C formation. [citation needed]
Alcohol, tobacco and firearms taxes and special excise tax rules 6001–6167: Tax returns: requirements, procedural rules, payments, settlements, extensions 6201–6533: Assessment, collection, and abatement; limitations on collection & refund 6601–6751: Interest and non-criminal penalties on underpayments or failures 6801–7124: Other ...
This is different from changing a tax accounting method under the release of the IRS because, in the case of adopting another method, the IRS may assess fines and reallocate taxable income. If the taxpayer wants to return to the previous method, the taxpayer must ask for permission from the IRS, following the 446(e) procedure.
The distinction between independent contractor and employee is an important one in the United States, as the costs for business owners to maintain employees are significantly higher than the costs associated with hiring independent contractors, due to federal and state requirements for employers to pay FICA (Social Security and Medicare taxes) and unemployment taxes on received income for ...
There was a degree of public and legislative distaste for a limitation of liability, with fears that it would cause a drop in standards of probity. [16] [17] [18] The 1855 Act allowed limited liability to companies of more than 25 members (shareholders).
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