Alex now asks you to briefly outline and explain the four basic tax classifications available...
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Alex now asks you to briefly outline and explain the four basic tax classifications available to
business entities operating in the United States. Specifically, Alex wants you to compare and
contrast the following four tax classifications: Sole-proprietorship/single-member LLC,
partnership/multiple-member LLC, C corporation, and S corporation. Be certain to address whether
each tax classification is treated either as a separate taxpaying entity or as a flow-through entity, and
identify the name of the tax form the business will use to file its federal income tax return. By
default, how does the IRS tax the income of an unincorporated business owned by more than one
person?
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