LLCs are something of a unique corporate form, as they combine many features of partnerships and corporations. One of the advantages of this unique combination is tax flexibility. This article reviews the tax flexibility which the Federal Tax Code provides to LLCs (and their members). The article highlights four options for tax treatment of a given LLC, and explains how an LLC's members' situations factor into the ultimate tax method used.
- Summary by FizzLaw Team
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How the Federal Government Taxes LLCs