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If no shares were issued, the Board of Directors must approve to dissolve the company. If you’ve been operating as an LLC, review the dissolution requirements in your state’s LLCA (LimitedLiabilityCompany Act). Otherwise, members of the LLC can be held liable for debts of the company after it’s been dissolved.
Certainly, on the face of it, the argument appears compelling for S-Corps to switch, having previously shied away from such consideration given the onerous double tax that accompanied C-Corp status – at both the entity level, and secondly, upon distribution of dividends to shareholders. Here are a few to consider.
by Tim Steffen , CPA/PFS, CFP ® , CPWA ® , Director of Financial Planning for Baird. Set up a limitedliabilitycompany (LLC) and separate bank account. If you fail to do so, it will be treated as a distribution from your account and will be taxed. In addition, you may face a penalty for early withdrawal.
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Earlier this month I hosted Ryan Clower, a CPA from the accounting firm M. I am a CPA, down here certified in the great state of Texas and really just stoked to be here. ” If you see here in the graphic, the LLC, which is a limitedliabilitycompany, many of you are probably set up in that format. Where am I?
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