For IRS purposes, how do I classify a limited liability corporation? Is it a corporation or a partnership?
A limited liability company (LLC) is an entity formed under state law by filing articles of organization as an LLC. Unlike a partnership, none of the members of an LLC are personally liable for its debts. An LLC may be classified for Federal income tax purposes either as a partnership or a corporation,depending on the specifics of your state’s organizational requirements.
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- For IRS purposes, how do I classify a limited liability corporation? Is it a partnership or a corporation?
