An eligible entity can file a Form 8832 to change their tax classification. If the entity files the election late, they may be eligible for late election relief. This example covers late election relief of a DRE to a corporation.
Schedule K-2 and K-3 are used to report additional information on a partnership's gross income, expenses, and foreign transactions. The schedules are generally required whenever a partnership has foreign activities or non-U.S ownership. This article covers an investment partnership with non-U.S. owners.
A U.S. limited liability company (LLC) generally has no restrictions on who can be an LLC member. Many LLCs are structured with both U.S. and non-U.S. ownership.
A "per se" corporation is a corporate entity that cannot change its tax classification. Domestic and foreign eligible entities are generally able to file Form 8832 entity classification election.
An LLC can be created in Delaware by filing a Certificate of Formation. The document must include several items which are discussed in this article.
In general, every entity in the U.S. should obtain an employer identification number (EIN). A single member LLC is a disregarded entity, so it may not require an EIN. Here are the details.
A limited liability company (LLC) is an entity formed under state statute. An LLC with one owner is a disregarded entity. By adding new members, the LLC becomes a multi-member LLC taxable as a partnership.
An S corporation is not a legal entity type. It is a federal tax classification for a business. Many different types of entities can elect S corporation status, so which should you choose?
Sometimes a business owner will miss a filing deadline and their company is dissolved. In this article we discuss the details and how to resolve the issue.
Virtually anyone can open a Delaware LLC. When a Delaware LLC is opened by a non-U.S. person, their filing obligations are slightly different from U.S. owners.
