State Tax

State Taxation of Limited Liability Companies and Partnerships (Portfolio 1560)

  • This Portfolio considers the state taxation of hybrid entities that combine liability protection of a corporation with pass-through treatment via classification as a partnership.

Description

The first part of the Bloomberg Tax Portfolio, State Taxation of Limited Liability Companies and Partnerships explains the advantages and disadvantages related to choosing the limited liability company form over other forms of business entities such as general and limited partnerships, S corporations, and C corporations. You will be walked through each of the six corporate characteristics that determine whether a business entity is classified as an association or as a corporation, providing references to pertinent Private Letter Rulings throughout.

The second part of the Portfolio contains analyses of the LLC and LLP statutes of each state that recognizes these entities, and the material is presented on a state–by–state basis and includes topics areas such as formation, distributions, management, and withdrawal. This section is an invaluable resource for the practitioner who needs a clear and concise picture of the rules regarding LLCs in a particular jurisdiction.

Table of Contents

1560.01. INTRODUCTION
1560.02. FEDERAL TAX CLASSIFICATION OF LLCS AND LLPS
1560.03. CONSEQUENCES OF CLASSIFICATION
1560.04. UNRESOLVED LLC TAX ISSUES
1560.05. SELF-EMPLOYMENT TAXES
1560.06. UNRELATED BUSINESS TAXABLE INCOME (“UBTI”)
1560.07. COMPARISON OF LLC ACTS

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Phillip Jelsma
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