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The IRS does not have a separate taxation category for an LLC, only the state does. This allows the LLC members to elect at their own discretion a form of taxation that makes the most sense for their business. While your taxes will change, the facts, ownership, and management structure will not.
Taxation choices include: Partnerships (two or more members), S-Corporation (single or multi-member), C-Corporation (single or multi-member)
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An Idaho Limited Liability Company, or LLC, offers many of the same advantages of a corporation.
Like shareholders of a corporation, all LLC owners are protected from personal liability for business debts and claims. This means that if the business itself can’t pay a creditor, they cannot legally come after any LLC member’s house, car, or other personal possessions as long as the LLC’s renewal is filed annually and you maintain an updated operating agreement.
An LLC does not pay any income tax itself. It’s described as a pass-through entity that allows profits and losses to flow through to the tax returns of the individual members. All profits, wages or draws will be subject to both income taxes and self-employment taxes annually.
The purpose for states creating PLLC’s is for regulation and safety. Both a PLLC and an LLC offer the same liability protection to their members. The only difference is that some states require licensed professionals to form PLLC’s and they’re not allowed to form LLC’s. In most cases, a PLLC will have stricter requirements and are governed more closely.
Architecture, Chiropractic, Dentistry, Engineering, Landscape Architecture, Public Accountancy, Law, Medicine, Nursing, Occupational Therapy, Optometry, Physical Therapy, Podiatry, Professional Geology, Psychology, Social work, Surveying, Veterinary Medicine, And No Others.
An Idaho general partnership is a type of business organization in which two or more partners are co-owners of a business. A partnership is much like having two sole proprietors coming together under one name to operate. A general partnership requires an EIN (federal identification number) to be used in the place of the owners’ social security numbers.
The Idaho partners will be taxed for business income as individuals, as it is a pass-through to each person’s own social security number and tax return. In addition, an operations agreement with ownership details will stave off future issues and legal disputes between partners. The operating agreement paired with the EIN will also allow the GP to open up a business checking and savings account.
Individuals pay their own income tax at their own tax rate
Flexible management style
No required minutes and meetings
There is only limited liability protection with an LLP (limited liability partnership)
Warning! Sole Prop.
Yes, the sole proprietor pays the most amount in taxes and has absolutely no limited liability protection. A Lawyer could help their client strip you of all your personal assets, savings, house, investments, and then force you to pay a settlement.
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Before you can hire an employee, the State and IRS requires that payroll and payroll taxes be setup properly. Therefore, we will need to setup your company's payroll by applying for Workers Compensation, Unemployment, State and Federal Withholdings, and EFTPS Electronic Federal Tax Payment System. When we have completed the payroll setup, you will receive the required employee documents that each new employee must be filed with the State and IRS.
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