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Updated over 5 years ago on . Most recent reply
Is it best as an LLC to be taxed as a partnership or s corp?
Hi BP family, what is the best taxation status for an LLC with 2 members, s-Corp or partnership?
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Eamonn McElroy
#5 Tax, SDIRAs & Cost Segregation Contributor
#5 Tax, SDIRAs & Cost Segregation Contributor
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Eamonn McElroy#5 Tax, SDIRAs & Cost Segregation Contributor
#5 Tax, SDIRAs & Cost Segregation Contributor
- Accountant
- Atlanta, GA
An LLC is a legal entity type not recognized for federal tax purposes. An S Corp is a tax entity type that has no place in the legal world.
An LLC can be taxed as a disregarded entity, partnership, S Corp, or C Corp depending on the number of members and elections made.