How are limited liability companies (LLCs) taxed? a. They are always taxed the same as corporations....
How are limited liability companies (LLCs) taxed?
a. They are always taxed the same as corporations.
b. They are taxed either as partnerships or as corporations, at the option of the LLC.
c. They are always taxed the same as general partnerships.
d. They are taxed either as partnerships or sole proprietorships, at the option of the LLC.
Homework Answers
Ans- The correct option is d)- They are taxed either as partnerships or sole proprietorships, at the option of the LLC.
Explanation:-
A Limited Liability Company is not a separate tax entity it is taxed either as partnerships or sole proprietorship, at the option of the LLC. LLCs treated sole proprietorships for tax purposes as one-member. This means LLC does not pay taxes itself . The owner of the LLC has to pay the taxes.In the same way if there are many owners in business, LLC treats like partnership . LLCs themselves do not pay taxes on business profit, but the LLC owners have to pay taxes on their share of profits.
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How are limited liability companies (LLCs) taxed?
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for the first box for the entity can elect to be taxed as an (Limited Liability...
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Hoffman Microsoft Edge - 0 mato.com/StudentPlayerHomeworkshomeworld-5574996208question de 18 flushed ld-5863724¢erwin wye Corporate Tax (Spring 2020) Nick Hoffman & | 02/01/201:08 PM Save Homework: Chapter 2 Homework Score: 0.2 of 1 pt 2 of 21 (11 complete) * QC:2-4...
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for the first box for the entity can elect to be taxed as an
(Limited Liability company, limited liability partnership,
partnership, S corp) and for the second box there are forms
(1065,1120,2553,8832) and lastly (corporations, limited liability
partnership, limited liability companies, partnerships)
Hoffman Microsoft Edge - 0 mato.com/StudentPlayerHomeworkshomeworld-5574996208question de 18 flushed ld-5863724¢erwin wye Corporate Tax (Spring 2020) Nick Hoffman & | 02/01/201:08 PM Save Homework: Chapter 2 Homework Score: 0.2 of 1 pt 2 of 21 (11 complete) * QC:2-4...
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