LLC Big Tax Consequences
LLC Big Tax Consequences For Single Member LLC’s The IRS imposes self-employment tax on net profit at a rate of 15.3% plus Federal and State income tax.
elect sub chapter s status
An S corporation, also known as an S subchapter, refers to a type of corporation that meets specific Internal Revenue Code requirements. The requirements give a corporation with 100 shareholders or less the benefit of incorporation while being taxed as a partnership.