Planning Briefs
Taxing Issues For Business Entities
Published Friday, November 20, 2015 at: 7:00 AM EST
How is your business structured? There are numerous factors involved in choosing a particular form of business ownership—for instance, you might opt for a traditional C corporation format for the protection it provides from personal liability—but taxes remain a key part of the equation. Here's a brief summary of the tax consequences for the five main types of business entities:1. C Corporations: While a C corporation acts as a shield from personal liability, this option results in "double taxation." First, your business is taxed at the corporate level—and then you may be taxed again on your salary, bonuses, and dividends...
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