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t. e. An S corporation (or S Corp), for United States federal income tax, is a closely held corporation (or, in some cases, a limited liability company (LLC) or a partnership) that makes a valid election to be taxed under Subchapter S of Chapter 1 of the Internal Revenue Code. [ 1] In general, S corporations do not pay any income taxes.
t. e. A limited liability company ( LLC) is the United States -specific form of a private limited company. It is a business structure that can combine the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation. [ 1] An LLC is not a corporation under the laws of every state; it is a legal form ...
That vastly simplifies tax filing and helps S corporations avoid corporate taxes. In some cases, LLCs can elect to be taxed as S corporations, which can offer tax benefits. B corporation
For United States income tax purposes, a business entity may elect to be treated either as a corporation or as other than a corporation. [ 1] This entity classification election is made by filing Internal Revenue Service Form 8832. Absent filing the form, a default classification applies. U.S. corporations of the type that can be publicly ...
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Corporate law. A low-profit limited liability company ( L3C) is a legal form of business entity in the United States. [1] Commonly referred to as a hybrid structure, it has characteristics of both for-profit and non-profit entities. [1] L3Cs were created to comply with the Internal Revenue Service (IRS) program-related investments (PRIs) rules ...
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