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Income Tax Rules for LLCs

The limited liability company, or LLC, is one of the newer types of business entity that’s often referred to as a hybrid entity since it has offers the same shareholder liability protection as of a corporation but at the same time allows owners to pay tax as a sole proprietor, partnership or even a C corporation.

IRS LLC Designations

The IRS automatically treats single-member LLCs as sole proprietorships and all other LLCs as partnerships. This only affects your tax returns – it doesn’t change the legal status of your LLC. Both designations allow owners to report their share of the LLC’s earnings on their personal tax returns. However, you always have the option of reporting the LLC’s income as a C corporation instead.

C-Corp Election (Form 8832)

To have the LLC’s earnings taxed like a regular corporation under Subchapter C of the Internal Revenue Code, , you must first make the appropriate election by filing Form 8832 with the IRS. Keep in mind, however, that the corporate tax rules will effectively tax your LLC’s earnings twice. The LLC first pays income tax on the net earnings reported on Form 1120 — the corporate tax return. Filing as a corporation may be beneficial if your goal is to keep your business and personal taxes separate. One disadvantage, however, is that you can be personally liable to pay income tax on all profits you take out of the LLC as if they were corporate dividends.

S-Corp Election (Form 2553)

An alternative option is to have the LLC taxed as an S-corp – which can be done by making an election with the IRS on Form 2553. One of the main benefits of an S-corp is the elimination of double taxation since the profit distributions aren’t considered dividends. This is because S corporations are taxed like partnerships — meaning LLC earnings flow through to each member’s personal tax returns. There are a number of requirements that an LLC must satisfy before making the Form 2553 election, such as not having more than 100 members who are all U.S. citizens or resident aliens.

IRS Form 8832