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-   -   Tax benefits - LLC vs. Partership (https://www.askmehelpdesk.com/showthread.php?t=381699)

  • Jul 30, 2009, 03:53 PM
    Mushtandaa
    Tax benefits - LLC vs. Partership
    Are there any tax benefits of registering one's business as a Partnership vs. an LLC?
    ... in New Jersey?

    TIA! :)
  • Aug 3, 2009, 01:48 PM
    AtlantaTaxExpert
    The LLC is used as a "poor man's" corporation in order to shield personal assets from litigation.

    The tax benefits are virtually non-existent.
  • Aug 3, 2009, 03:37 PM
    Mushtandaa
    Quote:
    Originally Posted by AtlantaTaxExpert View Post
    The LLC is used as a "poor man's" corporation in order to shield personal assets from litigation.

    The tax benefits are virtually non-existent.
    Thanks! :)
  • Aug 4, 2009, 01:13 AM
    MukatA

    For federal income tax purpose an LLC can be a sole sole proprietorship , a partnership or a corporation.

    A partnership can also be an LLC.

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