What are the benefits/downfalls of being a corporation vs partnership vs sole proprietorship for tax...

50.1K

Verified Solution

Question

Accounting

What are the benefits/downfalls of being a corporation vs partnership vs sole proprietorship for tax and legal purposes?

If you create an LLC do you default to a partnership or corporation for tax purposes? Can an LLC be both?

Do corporations and partnerships both pay tax?

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students