Partnership or Corporation ? (tax purposes) - Posted by bob

Posted by Maria-Fl on November 24, 2004 at 07:21:28:

File as a partnership. Use form 1065 to file your LLC taxes. If you don’t, you will have to pay taxes like you won’t believe. If you file as partners, each partner will be taxed at whatever your personal rate is, hopefully you will some deductions to offset the additional income.

Partnership or Corporation ? (tax purposes) - Posted by bob

Posted by bob on November 23, 2004 at 13:13:39:

I formed an LLC recently and need to file for an EIN #.
My LLC is made up of 2 members - equal partners.

In the EIN form, it asks whether you want to classify your org. as PARTNERSHIP or CORPORATION for TAX purposes?

From my research, it seems that I will have to file a lot more paperwork (w2, 8088, medicare etc.) to be taxed as a CORP. Is that correct?

Which one is the best to choose for tax purposes?

Our activites include some flipping, rentals and L/O etc.

Re: Partnership or Corporation ? (tax purposes) - Posted by Natalie Smith

Posted by Natalie Smith on November 30, 2004 at 15:48:29:

Definitely get a tax attorney or CPA.

My CPA advises not to hold the rentals and flips in the same company.

I have an LLC for the rentals and an S-corp for the flips.

Re: Partnership or Corporation ? (tax purposes) - Posted by E.Eka

Posted by E.Eka on November 24, 2004 at 09:32:54:

I suggest you spend the money to hire a lawyer to help with the filing. It’s worth it and you’ll have a better understanding of where your entity lies.