Legal Question in Business Law in Texas
S corp or LLC?
I am a sole owner and operator of my home based business and I am interested in incorporating for tax breaks and liability. I am wondering whether I should go with an s-corp or an LLC.
Also,I am married. Would there be any additional tax breaks if I made my husband a partner in either case?
Asked on 6/27/00, 7:50 pm
1 Answer from Attorneys
Charles Aspinwall
Charles S. Aspinwall, J.D., LLC
Re: S corp or LLC?
Most of us like the LLC because it combines the best features of the traditional corporation with the pass-through tax breaks of a traditional partnerhip.
There is no advantage to making anyone else a part owner from an operational or tax standpoint, unless the congress does away with the "married tax penalty" at which time you can review your tax circumstances. You can make anyone a member of the LLC at any time.
Answered on 9/05/00, 3:34 pm
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