At 1065 Accountant.com you'll find partnership tax information and Form 1065 software for partnership tax returns.
     

Limited Liability Company (LLC) Advantages

• Same pass-through features of an S corporation which avoids double taxation of profits.
• Flexibility of a partnership without the restrictions of an S corporation.
• In comparison to a limited partnership, the Limited Liability Company (LLC) offers limited liability protection for all members, whereas the general partner in a limited partnership has unlimited liability. Also, if any limited partner in a limited partnership participates in management, the limited partner is exposed to personal liability, whereas a Limited Liability Company (LLC) member who participates in management is not exposed.
• Contribution of appreciated property to an S corporation is a tax-free event if the contributing shareholders control 80% or more of the stock after the contribution. A contribution of appreciated property to an Limited Liability Company (LLC) as a partnership is tax free regardless as to how much control the contributing partner has.
• Liquidation of an S corporation interest is a taxable event and is treated as if the corporation sold the liquidated assets at their fair market value to the shareholder. Liquidation of a Limited Liability Company (LLC) as a partnership is generally a tax-free event.

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