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12-02-2012, 11:09 AM | #1 | |
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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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12-02-2012, 01:52 PM | #2 | |
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Last edited by Jenson71; 12-02-2012 at 02:17 PM.. |
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03-15-2013, 09:19 AM | #3 | |
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Sorry, yes, you're right. I was thinking you can't be both a corporation and an LLC under state law, which is the case. You're talking about S Corp treatment for tax purposes for an LLC. I'm not enough of a tax guru to know why you'd want to do that, but apparently you can. Sorry.
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