When Should LLC Distribute Its Profits to Members?

When should LLC distribute its profits to member? An LLC taxed as a partnership must allocate profits or losses to members every year at year-end, because that is the way the IRS ensures that the company’s income is taxed. Although the profits or losses must be allocated at year-end, profits do not have to be … Read more

Does an LLC Need a State Tax ID in Florida?

Does an LLC need a state tax ID in Florida? In addition to a federal tax ID number, your Florida business may also need a Florida state tax ID number. This is also a unique identifying number for your business, but it has a different format, and is issued by the state government, rather than … Read more

Designating an S Corporation: Everything You Need to Know

How do you designate an S corporation? You can start an S corporation (S corp) by forming a limited liability company (LLC) or a corporation and electing S corp status from the IRS when you apply for your Employer Identification Number (EIN). An S corp is an Internal Revenue Service (IRS) tax classification, not a … Read more