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General Accounting Discussions: Tax benefit of LLC and S Corp

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    • CommentAuthoranmol
    • CommentTimeJun 13th 2007
     
    Starting a small business and I want to know if an LLC or S Corp is better for taxes. How are each taxed?
    • CommentAuthoradaclarke
    • CommentTimeJun 19th 2007
     
    Hello,

    Congradulation on starting your business, I hope to become an entrepenuer myself. A limity liability company can be a good choice because you have the "corporate like benefits" without the double taxation such as, all the income the partners/members earned is taxed on their individual tax returns based on their portional shares, members will file form 1065 or 1065 b and schedule E. S Corporations are taxed the same as LLC's.

    Hope I answered your question.

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