Archive of entries posted in May 2013

Classification of Foreign Entities for the U.S. Tax Purpose

The entity classification regulation under IRC 7701 (”the check-the box regulation”) allows unincorporated business entities to choose their classification for federal tax purpose under an elective regime.

Eligible business entities

Certain business entities are by definition classified as corporation under Treas. Reg. § 301.7701-2(b). They are often referred as to as “per se” corporations and not eligible for election. Continue Reading »

U.S. Domestic LLC

What is a Limited Liability Company?

When you are planning to start a small business, one of considerations is what business form can provide personal protection to the business owner while also providing flexibility to run the business itself. The LLC offers the best of both —the limited liability feature of a corporation and the flexibility of partnership. Continue Reading »