Sunday, August 7, 2011

My company will be filling as an LLC this year with two equal partners. Should we file as an S or C corp?

Not really a tax guy. 2 years ago the company was a sole proprietorship now with the new partner I'm not sure what changes should have been made as far as doentation and pre-paying taxes to the IRS. Being an LLC will the two partners split profit and then be taxed or will the LLC be taxed as well as the income from the two partners?

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