Law Office of David M. Goldman PLLC represents individuals and Florida Businesses in Jacksonville and the surrounding areas in Florida Business law and Florida Business Formation. Our Florida Business Attorneys and Florida Business Lawyers work with clients in to help them choose the correct entity to use when conducting business. The IRS has changed the way in which a Limited Liability can be taxed. Originally LLC's were taxing schema was based upon meeting a set of criteria. Today, when the LLC is formed, you simply "check the box" and send in the S-Election if the company will be taxed as a LLC. If you do not "check the box" or fail to send in the s-election the entity will be taxed as a partnership.
There are some advantages of being taxed as an S-Corporation if your income justifies the additional expense associated with the tax reporting and you are willing to have ownership interest equal to the allocation of profits and losses.
Do not worry; the tax choice has no affect on the asset protection available for a Limited Liability Company.
If you need help with starting or managing a Florida Business CONTACT our Florida Business Lawyers by email or call us at 904-685-1200 to discuss your situation today.