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Showing 5 posts tagged LLCs.

Five Legal Considerations for Starting a Small Business: Which Type of Entity is Best?

You started your small business yourself – just you and an idea. As time went on, you became more successful. You added employees. You opened a storefront. You started contracting with outside vendors. And while each of these events took place, you added additional liability – liability that could harm you personally as a sole proprietor. That’s exactly why business entities exist; they create a sustainable structure in which to operate while simultaneously shielding you personally from liability, for the most part. Not all business entities are created equal, however, and choosing an entity to organize or incorporate can come with both benefits and consequences. More >

When Should I Choose to Form a C Corporation Instead of An LLC?

Arguably, one of the most important decisions that will affect the ultimate success of a business, whatever its size, is the decision of how to incorporate that business. There is a fairly wide range of choices to choose from, from sole proprietorships on up to regular C corporations. A business entity that has seen a meteoric rise in usage in the past few decades is the Limited Liability Company (“LLC”), and for good reason – LLCs come with a host of advantageous characteristics that combine some of the best traits of several options available to business entities. LLCs combine limited liability for members with the flexibility to choose how they’re taxed, such as flow-through taxation akin to partnerships (e.g., no taxation at the entity level, as with regular C corporations). With the rise in the popularity of LLCs, however, it’s helpful to know when there are advantages to choosing the venerable C corporation form over the upstart LLC. More >

Member Rights in Kentucky Limited Liability Companies

All members of Kentucky Limited Liability Companies, whether they hold a majority or minority membership interest, have rights under Kentucky statutory and common law, but these rights may be modified, curtailed or extended to a nearly unlimited extent by the provisions of the operating agreement. In this post, we will briefly discuss various rights afforded to members of Kentucky LLCs, which are less statutorily-defined than other corporate rights under state law. More >

Is US Tax Policy Pitting Corporate Giants Against Small Business?

The federal government shutdown may have put federal tax reform efforts on hold officially, although lobbying no doubt continues behind the scenes. Unfortunately, lack of official information makes longer-term business and corporate tax planning a bit more challenging. More >

IRS Work Group to Explore Definition of Real Estate for Taxation

In light of revelations such as Apple's ability to avoid many federal corporate income taxes, the IRS and the Treasury Department may be under pressure to reconsider some tax rules in order to prevent an erosion of the corporate tax base. Recently, the IRS notified information storage company Iron Mountain that it is "tentatively adverse" to its characterization of its racking storage units as real estate. Iron Mountain is seeking to convert itself from a corporation into a Real Estate Investment Trust, or REIT, to minimize its business taxation. More >

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