ANGEL R LOPEZ PA

BUSINESS & TAX LAW

(305) 591-0116

Angel R Lopez

Committed With Your Business Success

Trusts

Trusts, depending on their nature, file income taxes as separate legal entities or through the individual tax return of the owner/grantor.

LLC's - Limited Liability Companies

Limited Liability Companies, if comprised of one member, represents a disregarded entity for federal income tax purposes, although for employment purposes it may have its own employer identification number.  Limited Liability Companies of more than one member default to a partnership for federal income taxes, although may opt to be treated as a Corporation based on the consent and formal petition, to the IRS, of its members.  When disregarded, the LLCs' taxable results are reported through the sole member's income tax return on a Schedule C.

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Partnerships file separate tax returns but do not pay income taxes at the partnership level.  Instead, partnerships determine and distribute partnership level income or loss and report such operational results, pursuant to the partnership agreement, through yearly K-1 statement.  The partnership agreement determines the rights and responsibilities of the different types of partners, as defined by the partnership agreement.

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Committed With Your Business Success

Tax law may become complicated and the wrong decision may result in issues with tax authorities.  Taxpayers are offered, by the tax code, multiple insentives which must be considered by taxpayers to reduce their tax liability and improve the company's position.  Navigating through the tax codes, federal and state, require the trained advise of a tax professional.

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Partnerships

TAXES

Sole Proprietor

Sole proprietors are taxed on the schedule C of the owner's tax return.

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Corporations

Corporations are separate legal entities from its shareholders, filing separate tax returns both federal and state.  Corporations are created by state law and also operate through a federal employer identification number.  Corporations are, generally, governed through Articles of Incorporation and Bylaws which may be amended and modified, from time to time.  Corporations have indefinite lives and may be dissolved by agreement of its shareholders.