LLC Tag

QUESTION: I own an amusement park in Maine. I am the sole owner and the company is an LLC taxed as an S-corporation. I do not currently offer health insurance to my employees. Besides myself, I have 5 employees who work year-round. But during the 2015 busy season between May 1 and Labor Day (September 7, 2015), I employed an additional 48 people, all of whom work 40 hrs/wk. I have heard that there is an exemption in ObamaCare for seasonal employees. Do I have to include these employees in my calculation to determine if I am an “Applicable Large Employer”?

ANSWER: YES, YOU DO.

What are the Differences Between an LLC and the S Corp or C-Corp?   For those of you that have ever thought about using a…

In the spring of 2013, the Governor of the State of Florida signed a new Limited Liability Company Act which took effect on January 1,…

For those intending to form a closely held operating business in Florida, the entity of choice, in most cases, will be a limited liability company (LLC) that elects to be taxed as a Subchapter S corporation.

Following the issuance of “check the box” regulations in 1997, eligible entities (including eligible LLCs) have been able to select their federal tax classification. Eligible entities, such as the LLC, may elect to be taxed as a C corporation, an S corporation, a partnership, or, in the case of single member LLCs, a disregarded entity. As a result, since 1997 practitioners have been able to select the best combination of state law attributes and federal tax treatment to achieve a legal structure suited to the particular needs of a business.