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Video instructions and help with filling out and completing Llc s corp election deadline

Instructions and Help about Llc s corp election deadline

Welcome to spotting the issues where we discuss business and legal issues impacting entrepreneurs and growing companies I'm Emily Campbell I'm a real estate investor and internet entrepreneur and managing member of the Campbell firm PLLC the general practice law firm based in Manhattan I have guest lectured at Columbia University's Lange Center for Entrepreneurship Parsons School of Design and the School of Visual Arts and many micro entrepreneur program programs and have been involved in business plan competitions at Columbia University's Lange Center for Entrepreneurship Farouk's Field Center for Entrepreneurship at Fordham University I am at an adjunct professor of law at New York law school where I teach drafting contracts and advising entrepreneurs today's discussion is s-corporations versus LLC's many entrepreneurs are trying to determine whether to set up an S corporation or an LLC we're going to set aside the C corporation discussion for another seminar but we're going to focus today on S corporations versus LLC's which are typical choices for small businesses it's important to understand and to make an appropriate decision before you form your entity in order to make sure that you choose the right entity because setting up an entity that is not the right form for you could result in more costly reincorporation at a later point S corporations and LLC's are not identical even though many accountants think they're identical for a number of reasons including the fact that these are both pass-through type of entities meaning the income or losses flows directly on to individual shareholders tax returns now this is a tax an advantageous position for both of these kinds of companies but they have limitations each of them and the S corporation has more limitations and then the LLC and we'll talk about those two distinctions so that you can see which corporation structure would be more appropriate for your business of course we'll be consulting with your own account and an attorney to determine your specific needs but we're going to talk about these in generalities the S corporation is limited to 100 shareholders they IRS increased this designation the federal government passed laws it used to be a 75 shareholder limit but it was increased to 100 shareholders now this may sound like a lot of shareholders but if you are trying to raise capital from other people or have multiple people who maybe what may want to offer equity to in return for compensation for doing particular work or so forth this 100 limitation may prove difficult for you the LLC does not have any such distinction they do not have any limitation on the number or type of shareholders now the S corporation in addition to having the 100 minimum I mean maximum partly is also limited by the fact that there are types of shareholders that you cannot have in an S corporation you cannot have anyone who is not a US citizen or a green card holder now this is.

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