
An LLC can elect to be taxed as an S corporation with the IRS, letting you cut self-employment taxes and avoid double taxation without the administrative headaches of running a traditional corporation.
Chapters
Business tips, part 12 of 30. Don't let Google confuse you with regards to LLCs versus S corporations. An S corporation is simply a tax election that you can apply for through the IRS, and you can have your LLC taxed as an S corporation. This basically allows your LLC to have the benefits of an S corporation without the complexities involved in running a corporation. Watch my other videos to learn about the main benefits of electing S corporation status but the main ones are that it helps you save some money on self-employment tax and it eliminates the double taxation that would occur if you had a C corporation. Follow me to learn more about how to start or expand your business.
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