Small Business Tax Questions - How Are LLC's Taxed?
Do you own a limited liability company (LLC) and need to know how your income from the business will be taxed? Read on to find out.A limited liability company is the chameleon of business entities. Believe it or not, there is no LLC-specific federal income tax return. But that does not mean your business is exempt from federal income taxes.
A LLC can choose how it wants to be taxed. If you are the only owner (or "member") of the LLC, your business can be taxed as a sole proprietorship, a C corporation, or an S corporation. If your LLC has two or more owners, it can be taxed like a partnership, a C Corporation, or an S corporation.
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Small Business Tax Questions - How Do You Pay The Owner of a Small Business?
Do you own a small business and need to know how to compensate yourself? The way you pay yourself depends on the type of business entity you own from a legal standpoint. There are five possible scenarios: Sole proprietorship; Partnership; C Corporation; S Corporation; Limited Liability Company.
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