An LLC is registered in the state of formation. It offers limited liability protection and pass-through taxation. The term single-member is used to recognize that the LLC has one owner.
Single member LLCs require a tax form Schedule C which is usually due April 15th.
We file paperwork to form LLCs
A partnership LLC is registered in the state of formation. It offers limited liability protection and pass-through taxation. It is essentially the same as a single member LLC but has more than one owner.
Partnerships require a tax form 1065 which is usually due
March 15th
We file paperwork to form partnerships.
An S-Corp does not describe the legal entity of a business but instead determines the way the LLC is taxed.
There are big tax advantages to having an S-Corp. However, there are also additional accounting rules and fees associated with an S-Corp.
S-Corps require a tax form 1120S which is usually due March 15th.
We file paperwork to form S-corps.
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