QUESTION

Looking to start a LLC with 3 other peolple. For tax reasons, is there a way to have the busniess taxed and not the individuals that own it

Asked on Oct 18th, 2014 on Business Law - Texas
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1 ANSWER

Appellate Practice Attorney serving New York, NY
If, rather than forming an llc, you formed a c corporation, the corporation would be taxed on its profits, not the individuals.  However, the individuals would still be taxed on income they received from the corporation, either as distributions (dividends) or as compensation for services rendered.
Answered on Oct 20th, 2014 at 2:16 PM

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