Corporation and LLC Forms

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Commonly Asked Questions about Corporation and LLC Forms

Is an LLC a tax classification S or C?

LLCs are classified as pass-through entities for tax reasons, meaning the business profits and losses will flow through to the personal tax return of each member. An LLC can also elect to be taxed as an S-Corporation or a C-Corporation. To be taxed as an S-Corporation, the LLC must file IRS form 2553.

How do I know if my LLC is C Corp or S Corp?

In the eyes of the IRS, all corporations automatically begin as C corporations when they are formed. A C corporation may convert to an S corp by filing IRS Form 2553, Election by a Small Business Corporation, with the IRS if it so chooses.

Is my LLC an S or C Corp?

As an LLC, you can elect S Corp status instead of the default sole proprietorship or partnership. As a corporation, youll automatically be taxed as a C Corp. A larger LLC might want to elect C Corp status for a lower tax rate or to appeal to future investors or buyers.

Is an LLC and C Corp the same thing?

Unlike an LLC or corporation, a C-corp is not a type of business entity. C-corp is a tax classification that is available to both corporations and LLCs, though it is more typically used by corporations.

Should I form AC Corp or LLC?

LLCs tend to be the less expensive option upfront. The filing fees to establish an LLC typically range from $50-$500 depending on the state. LLCs also have fewer compliance requirements and formalities than C-corps, reducing legal and accounting expenses. However, C-corps may offer more tax benefits in the long run.

What IRS forms does an LLC need to file?

An LLC will file one of the following returns, depending on the situation: Single-member LLCs: Form 1040 (Schedule C, E, or F) Multiple-member LLCs (Partnership): Form 1065. S Corporation: Form 1120-S. Corporation: Form 1120.

How do I classify my LLC as an S Corp?

An LLC can elect S corporation taxation by filing Form 2553, Election by a Small Business Corporation. It must be signed by all the members and can be submitted by mail or fax.

Is it better to form an LLC or S corporation?

The Bottom Line: Choosing the Best Option for Your Business Choosing an S-corp will help you save on your self-employment taxes, just be aware that this will require intense and precise bookkeeping. LLCs are best suited for smaller businesses because of their flexibility, cost and convenience.