Tax Accounting Discussion

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Prior to 1995 the only way to get the benefits of limited liability like a corporation while getting the flow through taxation benefits of a partnership was to use an S Corp structure. At that time the maximum number of shareholders allowed to be in a given S corp was 35, making it generally only available to smaller entities, although there were some exceptions. With the emergence of LLC’s the number of “partners” is unlimited. Discuss the equity (fairness) of allowing the LLC form of business to have the protections of a corporation with the partnership tax benefits. What does it mean to business formations? Owners? Other Taxpayers? and Competing entities?

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