Legal Question in Business Law in Texas
chapter s corporations
explain the difference between a chapter s corporation, a llc, and a regular corporation in the state of texas; and which is best for a small business?
Asked on 4/08/00, 12:55 am
1 Answer from Attorneys
Earl Bentley
Earl Bentley & Associates
Re: chapter s corporations
s CORPORATIONS and LLCs are treated similarly for federal income tax purposes. S corporation status is somewhat more specific and and in some situations, S would not be available but the LLC would be available. As to which of the three entities you have mentioned, the matter is too complex to discuss in general terms. You should have the advise of a lawyer, and perhaps your accountant.
Answered on 4/19/00, 8:56 pm
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