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.
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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.
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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.
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LLC vs. Corporation: What's the Difference?
Advantages of an LLC​
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No limit on the number of owners
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Profit and loss are passed through the owner's' individual tax returns
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No annual meeting or minute book requirements.
Advantages of a Corporation
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May issue shares of stock to attract investors
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Corporate income splitting may help lower overall tax liability
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Certain tax advantages. Enjoy tax-deductible business expenses
Disadvantages of a Corporation
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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.
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Must hold annual meetings and record minutes
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S corporations have restrictions on the number of owners
Disadvantages of an LLC​
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Cannot engage in corporate income splitting to lower tax liability
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Tax recognition on appreciated assets
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Self-employment tax. Earnings can be subject to this kind of taxation.