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