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Advanced Tax Issues for LLCs

Of all the entity choices available in the United States today, the LLC is in many ways the most flexible and useful option for newly formed businesses, from local, “mom and pop” operations to joint venture projects between international conglomerates. LLCs offer the limited liability feature normally associated with corporations, but LLCs are not burdened by the double taxation and rigid governance requirements that make the corporate form less than ideal. To obtain the intended tax consequences, however, LLC owners need careful guidance from tax experts prepared to draft operating agreements and assist with post-formation decisions that take into account the complexities of the Internal Revenue Code and the associated Treasury Regulations.

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