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    Mushtandaa's Avatar
    Mushtandaa Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Jul 30, 2009, 03:53 PM
    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! :)
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Aug 3, 2009, 01:48 PM
    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.
    Mushtandaa's Avatar
    Mushtandaa Posts: 2, Reputation: 1
    New Member
    		  
    #3

    Aug 3, 2009, 03:37 PM
    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! :)
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #4

    Aug 4, 2009, 01:13 AM

    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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