Business Entities Flashcards
Sole Proprietorship: Liability
Unlimited
Sole Prop. Tax Form
1040
Schedule C
Sole Prop. Concept
Individual
Sole Prop. Owner’s Comp Tax Form
1040
Schedule C
Sole Prop. Nature of Income
Self employed
Sole Prop. Income for determining Retirement Plan Contributions
Net Schedule C income
– deductible SE tax
Partnership Liability
GP: Unlimited
LP: Limited
Partnership concept
Flow-through/conduit
Partnership Tax Form
1065
Partnership Owner Comp Form
K-1
Partnership nature of income
Self-employed
Partnership Income for determining Retirement Plan Contributions
Net Schedule C income
– deductible SE tax
LLC Liability
Limited
LLC Tax forms
Form 1040, Schedule C
or Form 1065
or Form 1120
or Form 1120S
LLC Concept
Can be any
LLC Owner Comp Form
Form 1040, Schedule C,
or Schedule K-1,
or Form W-2 and Schedule K-1,
or W-2
Corps and S-Corp Liability
Limited
Corps and S-Corp Tax Forms
1120
or 1120 S
Corp and S-Corp Concept
Entity
Flow-through/conduit
Corp Owner’s Comp Forms
W-2
Dividends on 1099-DIV
S-Corp Owner’s Comp Form
W-2 and K-1
Corp and S-Corp: Nature of Owner’s Income
W-2 and Dividend
W-2 and Ordinary
C-Corp and S-Corp Income used for determining retirement contributions
W-2
S-Corp may include non-US citizens
Yes
S-corp election deadline.
15th of 3rd month of current tax year.
Extensions permitted if reasonable cause
Special taxes for S-corp
- Built-in gains tax
- LIFO recapture tax
- Excess net passive income tax
All paid by S-corp, not by shareholders!
