Posted by John Merchant on September 30, 2006 at 16:42:04:
Clearly what you need is some “basic” (though a bit above kindergarten) corp law education and a book or two will bring you up to speed so you’ll know when & where to use which.
NOLO Press has a great book or two, to be found online, on corps, C,S,LLC varieties. Probably an “Idiot’s Guide” on corps too.
LLC, LP. C & S Corp - Posted by Herb
Posted by Herb on September 30, 2006 at 15:29:12:
Got a couple of questions:
I heard that a LLC can take the election for a S-Corp. Can it do the same with a C-Corp? The C-Corp seems to have a ton of perks.
Does the same thing work with LP.
Re: LLC, LP. C & S Corp - Posted by John K Haslach, CPA, MST
Posted by John K Haslach, CPA, MST on October 06, 2006 at 08:08:54:
It is very common to have more than one entity to accomplish various objectives you may have.
Re: LLC, LP. C & S Corp - Posted by Tom Bazley, CPA
Posted by Tom Bazley, CPA on October 03, 2006 at 07:33:18:
If an LLC elects to be taxed as a corporation, it is automatically taxed as a C-corp, unless it then makes an S election. It does that by filing Form 2553.
An LP is an LP. There is no election that can change it to being taxed as a corp.