Resources Online Training LLC Vs S Corp: Which one should you choose? Name* First Last Email* 1. What are the similarities of an LLC and S-Corp?* Ability to form partnerships. Pass-through taxation Limited Liability All of the above 2. What are two types of taxes on an LLC income?* Property Tax and Self Employment Taxes Federal and State Taxes and Self Employment Taxes Federal and State Income taxes Sales Tax and Corporate Tax 3. The self-employment tax rate is currently...* 15.3% 15% 3% 7.5% 4. If someone sues your company, they cannot sue you for your personal assets with an LLC or S-Corp.* True False 5. Self-Employment tax limit is...* $173,700 $137,000 $137,700 $200,000 6. A S-Corp owner must structure yourself as an employee.* True False 7. A S-Corp must pay business owner...* A reasonable salary Compensation Stipend Under the table 8. An LLC only pays self-employment taxes based on salary, not profit or distributions like S-Corp.* True False 9. What date must you file your taxes for a S-Corp?* March 15 September 15 April 18 October 16 10. Compliance requirements of an S-Corp* No more than 100 shareholders The shareholders must US residents It must be a US company. All of the above This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.