Kiritsis & Associates
Despite, their similarities, LLCs and S Corps, have some sharp tax treatment differences.
1. Different definition. An S Corp is basically a corporation for federal income tax purposes, which has met a set of requirements, making it eligible to receive S Corp tax treatment, which mirrors partnership taxation, and thus, it can largely enjoy the benefits of pass -through tax treatment. LLCs are not explicitly defined in federal tax laws, albeit, they are sometimes referred to as syndicates, which mean they can mold to adopt different tax frameworks. The rules governing taxation of LLCs are scattered through the federal tax code.
2. LLCs are more flexible. Where’s, an S Corp is treated as basically a partnership with pass-through tax treatment; an LLC can be treated as basically a partnership (default status for LLCs with more than 1 owner) or elect to be essential a C Corp for federal tax purposes. Two important things worth noting. Single owner LLCs are treated as disregarded entities (default status) or elect essentially a C Corp treatment for federal tax purposes. Also, under a very unique set of circumstances, and upon filing certain paperwork, it may be possible for an LLC to be eligible for S Corp election.
3. Different tax reporting. As it should be easy to imagine an S Corp files Form 1120S at the entity wide tax reporting level; whereas, an LLC may depending on each case, file form 1120 or Form 1120S or Form 1065 or dump everything on Form 1040.
Law Offices of Kiritsis & Associates
Phone # 212 922 0005
Manhattan Office (Main Office):
633 Third Avenue
New York, NY 10017
Brooklyn Office (By Appointment Only):
1023 74th Street
Brooklyn, NY 11228
New Jersey Office:
7309 Ventnor Avenue
Ventnor, NJ 08406
ATTORNEY ADVERTISING. PRIOR RESULTS DO NOT GUARANTEE A SIMILAR OUTCOME.
We hope you would find this website useful with regards to finding potentially relevant information for your legal issue. The Law Offices of Kiritsis & Associates PLLC is a boutique law Firm Group headquartered in Midtown Manhattan, with offices in Manhattan, Brooklyn (NY) and New Jersey. We strive to provide professional legal services for individuals and various business entities. Our clientele ranges from including aspiring entrepreneurs, startups to established business organizations.
We offer flat fee prices for many of the practice areas provided listed throughout our website. For more information on the topic you may be interested, or simply to find out how our law Firm Group can help, you may click at any of our site's links.
We are available for existing and potentially new clients 7 days a week -- via online, phone and/or in person.
Intellectual Property Disclaimer(s):
The materials available through this website and any other websites owned by John Kiritsis (individually and collectively, the "Website") are the property of John Kiritsis and his entities, and are protected by copyright, trademark and other intellectual property laws. You may not use, reproduce, download, store, post, broadcast, transmit, modify, sell or make available to the public content from the Website without the prior written approval of John Kiritsis. Be aware that any unauthorized use of John Kiritsis trademarks and copyrighted content for commercial purposes in violation of John Kiritsis's intellectual property rights will be vigorously enforced. All other trademarks, service marks and trade names referenced in this site are the property of John Kiritsis.