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Old 06-07-2017, 12:49 PM
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LLC/EIN Tax liability question

For a two person LLC (where there is no expectation of being any more members) we are applying for our EIN and are needing to know which is best tax advantage sole, partnership or Scorp? Any help would be appreciated.



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Old 06-07-2017, 09:12 PM
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Originally Posted by Dcaffey View Post
For a two person LLC (where there is no expectation of being any more members) we are applying for our EIN and are needing to know which is best tax advantage sole, partnership or Scorp? Any help would be appreciated.
I guess it is hard to tell; it depends;2 member LLC is NOT a SMLLC but it needs to be either an S corp or a MMLLC. A biz structure, in terms of the legal entity you choose for your business, significantly impacts a number of important issues in your business life, including exposure to liability, and at what rate and in what manner you and your business are taxedIn addition to the basic legal requirements for various types of business entities that are generally codified at the federal level, there are variations between state laws regarding incorporation. Therefore, it is generally considered a good idea to consult with a corporate lawyer or an Enrolled Agent or a CPA doing taxes in your local area to make an informed decision regarding what type of business entity is best suited for your specific business.



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