If you have a Partnership, S-Corp, or an LLC, you have important decisions to make. While these entities are not required to pay taxes, they must file a tax return, in addition to your personal income tax return.
Partnerships: Some items to analyze include:
S-Corporations: you have to consider these items:
LLC's: LLC's can make elections to be treated as any one of these entities for tax purposes:
From there, that election will drive your tax reporting and entity management.
And, if liability is one of your concerns, we can connect you with an attorney to advise you on your legal liabilities and what protections each entity affords you.
Contact us for advice and management of your entity! Plus we can do all required tax elections and returns.