Legal Question in Tax Law in California
Taxes on Partnership and LLC?
My friend and I will be forming an online business where we will be selling imported clothes to distributors. We want to know what the difference in tax write offs are between a Partnership and LLC? Also, 1 of us will be living in China to get the business running. Can China living and travelling expenses be written off in either case?
1 Answer from Attorneys
Re: Taxes on Partnership and LLC?
Tax advice regarding the proper formation of a corporate entity is not helpful without a full review of your business and your finances; however, as a general rule both have pass through tax structures. Generally speaking, business expenses, in your example living expenses in China, can reduce the overall tax burden of the corporation.
If you would like an attorney to review your situation, feel free to contact me.
Regards,
Bryan
619.400.4929
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