top of page

PARTNERSHIP, LLC & CORPORATIONS

We provide advice with respect to all issues that arise during the life-cycle of business and investment ventures in Partnerships, Limited Liability Companies (“LLC”), S Corporations and C Corporations. Our lawyers draft operating agreements to fit the specific needs of diverse participants, such as solo business owner, small family businesses, multi-investors, tax-exempt organizations, and high-net-worth individuals. 

​

We advise clients on the use of partnerships, LLCs, and both C and S corporations in the context of corporate restructurings in order to provide new capital to an ongoing venture or to avoid undesirable consolidations or multiple levels of tax.

​

In addition, we regularly provide advice regarding the use of entities disregarded for tax purposes to minimize cross-border taxation, isolate liabilities, and maximize the transfer of wealth across generations. 

Go back
Do You Have Questions? Contact us Today!

LLC vs. Corporation:  What's the Difference?

Advantages of an LLC​

 

  • No limit on the number of owners

​

  • Profit and loss are passed through the owner's' individual tax returns

 

  • No annual meeting or minute book requirements.

Advantages of a Corporation

​

  • May issue shares of stock to attract investors

​

  • Corporate income splitting may help lower overall tax liability

​

  • Certain tax advantages.  Enjoy tax-deductible business expenses

Disadvantages of a Corporation

​

  • C corp tax structure requires double taxation of corporate profits (S corp's does not).  No deduction of corporate losses. Unlike an S Corporation, shareholders can't deduct losses on their personal tax returns.

​

  • Must hold annual meetings and record minutes

​

  • S corporations have restrictions on the number of owners

Disadvantages of an LLC​

 

  • Cannot engage in corporate income splitting to lower tax liability

​

  • Tax recognition on appreciated assets

 

  • Self-employment tax.  Earnings can be subject to this kind of taxation.

Success! Message received.

bottom of page