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Chi Chi, The Bad-Assed Afro-Kitty

In Texas, which is better for business; a traditional corporation or an LLC?

We have a business that is growing. We're looking for some input. What are the tax consequences of each? Is a corp. or LLC an effective way to reduce our tax burden? please advise... THANKS! kam

Effective in Texas for 2007 LLC's are subject to the Texas Business Margin Tax. This is paid as: tax payable = revenues minus some expenses with an apportionment factor. LLCs’ income is generally passed through to the members and reported and taxed on their individual tax returns. This eliminates the double taxation faced by corporations.
The income that a corporation generates is taxed at two levels: corporate income tax is paid at the corporation level. Personal income tax is paid on the income that is given to shareholders on dividend.

Until Jan. 1, 2008, an additional tax is imposed on a corporation that for any reason becomes no longer subject to the earned surplus component of the tax.There are tax changes that will take place on Jan. 1, 2008. See​171.00.htm

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