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Old 12-02-2012, 10:09 AM   #90
Amnorix Amnorix is offline
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Quote:
Originally Posted by Literature View Post
Sounds like a good development, all things considered.

You can still be an LLC and also be an S-corp. S-corp isn't its own entity, it's just the subsection of the IRC that you do your taxes under.

This is categorically incorrect. S Corps and LLCs are formed under different statutes under state law and have different requirements/limitations under those laws. They are both treated as pass-through entities for tax purposes, and offer liability protection to their owners through the organization of the business, but they are similar in the areas that are usually critical when deciding what type of entity to form, but an S Corp IS it's own entity (a corporation, rather than an LLC), they are NOT identical and a company CANNOT be both.
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