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Are there any good reasons to set up a "US LLC filing as a C-Corporation (Form8832)", rather than simply setting up an actual "US C-Corporation"?
Dont get confused with the difference between entity formation and taxationof that entity. The formation of entities is done at a state level and thechoices are many. The taxation of an entity is done through declaration to theIRS which removes any confusion between the intent of ambiguous entitiessuch as LLCs. You actually wont be able to set up a US anything. You have to pick a stateto set up the entity and for this you really should get some help from youradvisor. It sounds like you are from outside of the US.
Can a single-member LLC elect to be treated as a corporation by filing Form8832 and pay the corporate tax rate of 21%?
Of course it can.That’s what Form 8832 Entity Classification Election is for.And now that the corporate tax rate has been reduced from 37 to 21 moreSingle Member LLCs are choosing to do that.They set their salary equal to the anticipated profits of the business and ineffect reduce the profit to zero and pay no corporate taxes.Of course the better choice might be for the LLC to file Form 2553 and electto be treated for tax purposes as an S Corp then set a salary of about onethird of the anticipated profits and the remaining twothirds drops throughas taxable income but not subject to the SelfEmployment tax of 15.3.And if the LLC is operating a rental real estate business the SMLLC can justfile no election be classified as a Disregarded Entity for tax purposes andall of the income will be considered passive income and not subject to the15.3 SE tax.The LLC is the best of all of the Business Entities for liability protectionand for tax planning depending on your situation.I hope this helps.Michael Lantrip Attorney Accountant InvestorMichael Lantrip
I formed an LLC for my side business on Amazon. I am not planning to takesalary for myself from this company. Do I need to file form 2553 or 8832 withthe IRS? If so what are the benefits of filing?
Filing the 8332 would tax you as a corporation and the 2553 would make it aSubchapter S Corporation. S Corps are generally taxes as flow through entitieswith one level of tax just like not making the election. They can be complexwith numerous filing requirements. However the one thing you could do with anS corp is pay yourself a salary subject to withholding if you wanted to avoidestimated taxed
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