Benefits LLC vs. C Corp
If you elect for your LLC to be taxed as a Corporation, do the C Corp tax benefits apply to your LLC? Specifically, can I take advantage of tax deductions given to C Corps using my LLC?
2 Answers from Attorneys
Re: Benefits LLC vs. C Corp
If you elect to be taxed as a corporation, then the LLC is entitled to all of the benefits of any corporation chartered as such. An LLC can also file a Subchapter S election after the corporate election if the LLC otherwise would satisfy the Subchapter S qualification rules.
Best wishes,
LDWG
Re: Benefits LLC vs. C Corp
There is no logical reason to be taxed as a C-corp if you are a LLC. Make the election to be taxed as a sole proprietor or partnership - which is effectively how a C-corp is taxed. You can change your election if you have not yet filed your first tax return by refiling with the IRS.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
