Russell W. James, CPA, pc
Simple Accounting
Frequently asked questions
What's the difference between an LLC and a Corporaton?
- Both Protect owners so they're not personally on the hook for the business liabilities or debts. But, key differences include how they're owned (LLCs have one or more individual members, and corporations have shareholders) and maintained (corporations generally have more formal record-keeping and reporting requirements).
How am I taxed as an LLC?
- You choose. Single-member LLCs can file as a sole proprietor. Multi-member LLCs can file as a partnership. Any LLC can file as a C or S corporation. If you are an LLC and want to elect to become a S Corp then file form 2553 by the deadline