Archive for November 11th, 2005
Benefits and Salary?
Posted by taxguru on November 11, 2005
Posted in Uncategorized | Comments Off on Benefits and Salary?
LLC In Corp Or Personal Name?
Posted by taxguru on November 11, 2005
From a client:
Subject: LLC Partnership questionHi Kerry,I’ve been a partner of a start-up business which now is going to be formally incorporated as LLC taxed as a partnership. My question is whether I should become partner of this company myself or rather make my existing C corporation a partner? How can you compare advantages/disadvantages of the two approaches?thanks
My Reply:
Having your corp as the LLC member has all of the advantages as running your other income through the corp.
You can manipulate tax year timing with the corp’s fiscal year. LLCs and individuals must use tax year ending 12/31/0X.
You can avoid 15.3% SE tax.
You also have more liability protection with the extra layer between the LLC and you.
Kerry
Posted in Uncategorized | Comments Off on LLC In Corp Or Personal Name?
Tax Guru - Ker$tetter Letter 