The ABA Tax Section offers a teleconference and webcast today on Using State Law Limited Liability Companies as S Corporations from 1:00 – 2:30 p.m. EST:
Although LLCs have gained increasing popularity over the last decade, the number of entities taxed as S corporations still exceeds the number of entities taxed as partnerships for federal tax purposes, and it is projected that S corporations will continue to grow at a faster rate than partnerships.
In those situations in which S corporations are the choice of entity for federal tax purposes, it still may be preferable for a number of non-tax reasons to operate for state law purposes as an LLC. Since the issuance of the “Check the Box Regulations” in 1997, eligible entities (including LLCs) have been able to select their classification for federal tax purposes. Consequently, practitioners have the ability to select the best combination of state law attributes and federal tax treatment to achieve an entity structure specifically tailored for the particular needs of the business.
Please join our distinguished panel as they discuss the tax advantages of operating as an S corporation rather than as a partnership for federal tax purposes, the non-tax advantages of operating as an LLC for state law purposes, as well as other special tax considerations that apply to the operation of a state law LLC as an S corporation for federal tax purposes.
Speakers:
- Ronald A. Levitt (Sirote & Permutt, Birmingham, AL)
- Stephen R. Looney (Dean, Mead, Egerton, Bloodworth, Capouano & Bozarth, Orlando, FL)
