Entries tagged “s-corp election”
An LLC Can be Treated as an S-Corporation for Tax Purposes
insights Michael Moradzadeh · February 2, 2010
An LLC can be treated as an S-Corporation for tax purposes if it makes an S-Corporation election as long as the entity meets the IRS criteria to be taxed as an S-Corp, files an S-Corp election and gets approved by the IRS to be taxed as an S-Corporation. Without an S-Corporation election, single member LLCs…
The Criteria for Being Classified as an S-Corporation
insights Michael Moradzadeh · February 1, 2010
In order to be classified as an S-Corporation, a company must: be domestic, have no more than 100 shareholders, have one class of stock, all shareholders must be individuals, decedents’ estates, bankruptcy estates, trusts or tax-exempt charitable organizations, or wholly owned by another S corporation, and all shareholders must be residents of the United States…