How to change the way in which your LLC gets taxed?
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ravid
Apprentice
Joined: 04 Jun 2006
Posts: 16
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 Posted: 09/09/07 - 10:26 Post subject: |
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| We run Limited Liability Company and we really dont like how it gets taxed. Up to now the only tax paid is earned income tax but it is passed through the personal returns of the members of the company. Taxes we pay for employees are handled pretty much the same as other types of businesses. How to change the way in which LLC gets taxed? |
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kim
Apprentice
Joined: 01 May 2007
Posts: 17
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| Posted: 10/05/07 - 22:38 Post subject: |
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| Well, IRS treats your LLC as single or multiple owners but your company is taxed on your personal tax returns and that means that you have to pay your dues no matter you have business profit or losses. That is rather inconvenient. You need to know that there are no taxes if funds are withdrawn from the company. Im not sure if there are ways to change LLC taxation unless you turn your company into S corp type. |
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