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| *Loan,banking and credit>>>deferred tax |
What legal entity, if any, can defer paying taxes to later years? |
I am thinking that a Limited Liability Partnership can retain earnings until some future date, then distribute the income which is then taxable to the limited partners. In the meantime the LLP pays no income taxed. Is this true? The reason an LLP pays no income tax is that its income is taxed to its partners - whether distributed to them or not. The LLP may still be liable for non-income taxes, such as payroll taxes and withholding on employee salaries. See a tax attorney or accountant. This question is very complex and depends in part on the laws of the state in which you form the company. Other variable can apply also. All of that is wrong, Income tax is income tax & must be paid quaterly if not yearly to avoid Interest & Penalties. A LLC is simply used to avoid seizure of personal assets in a lawsuit etc. Hince "LIMITED LIABILITY Company". But has NOTHING to do with the IRS. Call a good CPA to find out more. (The IRS will have your Butt no matter what! By the way, The income is distributed between the partners but not just when they feel like it! as long as the LLC made money, whether it was distributed or reinvested back to the company, the income is taxed |
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