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Unformatted text preview: shareholders who own the corporation which has already paid corporate income tax on those same profits. For privately-held corporations, this can be a significant financial liability. For publicly- held corporations, it’s an irrelevant fact of life. The single-taxation of LLC's, by treating the LLC as a partnership for tax purposes and assigning tax liability directly to the owners, avoids this "double taxation"....
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This note was uploaded on 10/24/2011 for the course ACCT 351 taught by Professor Staff during the Spring '08 term at University of Delaware.
- Spring '08