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re: S corp or LLC
Posted on 3/19/14 at 2:59 pm to Poodlebrain
Posted on 3/19/14 at 2:59 pm to Poodlebrain
quote:
S-corps can make a lot of sense for personal service businesses. You can achieve some permanent savings of self-employment taxes under the right circumstances.
This is where we see a lot of these. Single member LLCs electing S Corp status to take advantage of self-employment tax savings. It's a tricky area but if you are careful it can be a nice setup.
LLC's are not subject to Louisiana Franchise Tax. This includes LLC's that elect S Status. A state corporation, whether taxed as C Status or S Status, is subject to Franchise Tax.
I've actually had several state corporations - taxed as S - do a state conversion in the last couple of years to an LLC in order to save franchise tax. They are now a state LLC taxed as an S Corp.
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