There has been a change in the IRS tax laws regarding S-Corporations and LLC’s. LLC’s are designated by States and S-Corps are determined by the IRS. The laws pertaining to an S-Corp owning an LLC and an LLC owning as S-Corp will need review. Managing Partners in an LLC has changed or is anticipated to change. For the purposes of this first “challenge” we are requesting you determine the following documented information and attach your resources and findings. You must meet the following three criteria:
a.) Provide at minimum, three authoritative resources. In addition to the IRS, there are other authoritative resources you may use. State of Texas is another. Attach ALL copies of referenced materials
b.) Answer the following:
1. Which organization can own the other? ( LLC can own Sub-S/Sub-S can own LLC?) Explain in detail
2. If an LLC has two managing partners, would that be considered as a Partnership and what is the most advantageous way to file in 2023 going forward. (There is a proposed change to this…be diligent here)
3. What is the disadvantages and advantages of a “Holding Company” and can a Holding Company be an S-Corp?
4. How many “divisions” can a Sub-s have and at what point are they considered beyond their legal limit to retain their Sub-S status?
5. For each resource you are finding. Please write a review of what the resource is addressing and the impact it could possibly have on any business.
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