![]() You may want to consult a tax advisor or attorney before you make this election. Once you make this election, you'll have to wait 5 years before you can change it. Talk to your business partners before you file this form. You can use IRS Form 8832 to elect corporate taxation.The corporate election may be beneficial if most of the LLC's profits are retained by the LLC rather than distributed to the partners.If you choose to have your LLC taxed as a corporation, profits will potentially be taxed twice – once on the corporate tax return and again if any distribution is made to the member-owners of the LLC. We specialized in LLC, S-Corporation Tax, C-Corporation Tax, Partnership Tax, Individual 1040 tax, and small business tax with. Review the differences in tax rules for corporations and partnerships carefully before you decide you want your LLC to be taxed as a corporation.If you run the business as an LLC and you are the sole owner, the IRS also allows you to use. A Texas limited liability company is subject to a franchise tax, as is every taxable business entity organized or chartered in Texas or doing business in the state. If you've organized your business as an LLC and have at least one partner, you can elect to have that LLC taxed as a corporation rather than as a partnership. Free Tax Help For Small Business Owners And Selfemployed.
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