A limited liability company (LLC) is a corporate structure that protects its owners from personal harassment for paying off debts or obligations of the company.
LLC regulation varies from state to state.
Any legal or natural person can be a member of an LLC, with the exception of banks and insurance companies.
LLCs do not pay taxes on their profits directly.
Their profits and losses are passed on to members who report them on their individual tax returns.
Form 1095-C: Employer Health Insurance Offer and Coverage is a tax form with information about employee health insurance offered by the eligible Large Employer (ALE).
Form 706 is used by the executor of a deceased person to calculate inheritance tax owed under Chapter 11 of the Internal Revenue Code (IRC) and to calculate Generation Pass Transfer Tax (GSTT) under Chapter 13 of the IRC. .
A limited partnership (LP) exists when two or more partners start a business together, but the limited partners are only liable up to the amount of their investment.
Substantial participation tests help determine whether a taxpayer has been materially involved in a business, lease, or other income-generating activity.