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Video instructions and help with filling out and completing Form 1122 and disregarded entity
Hi my name is Ryan Fowler and today we're going to discuss limited liability basics so first of all why are LLC so popular well there's a few different reasons but one of the reasons is you can choose and depending on how you set it up you can choose an LLC to be taxed one of four ways it can be taxed like a partnership he beat acts like a disregarded entity or it can be taxed like a C or an S corporation now just so you know I'm going to explain the term disregarded entity a disregarded entity is an LLC or other entity set up so that its activities are treated directly as activities as if they were done by you but only for tax purposes for asset protection purposes it's still a separate legal entity but for tax purposes you and the LLC are treated as one and the same so what that means is that for example normally an LLC cannot hold an S corporation stock but if the LLC's ex is a disregarded entity it can hold S corporation stock without the s corporation being coming disqualified partnership disregarded entity and S corporation tax status those are all what we call pass through taxation meaning that the members of the LLC pay taxes for the LLC instead of the LLC itself but you can have your LLC file form with the IRS its form 8832 and it can be taxed like a c-corporation and then the LLP pays its only own taxes sometimes at a lower tax rate then you would normally pay and only only when two if or when distributions are made to you would you pay an extra tax sometimes people don't like the C corporation tax treatment because you would be paying taxes twice once the the LLC taxes the Seaport pays its own taxes and it's paid twice again when profits are distributed to you but there's all sorts of tricks you can do too sometimes legally get around that sometimes you want to start up a company and then just roll the capital inside the company and use profits to grow the company and in that case C corporation tax treatment may be better if you end up being taxed at a lower tax rate the LLC as a c-corp then you would pay if you were paying taxes an LLC tax is an S corporation that is oftentimes used for self-employed people to reduce self-employment tax which is attacks a 15-point three percent on your first hundred six thousand or so of income and that's paid in addition to your income taxes so a lot of times the your LLC can file form 2553 it can elect to be treated as an S corporation for tax purposes even though it's still legally an LLC you may save five six seven thousand dollars a year up to that amount using this Stratton strategy with an S.