Me and my business partner are 50/50 owners (before anyone says anything re: risks of 50/50 we have a great OperAgree filed)
Now with registering with the IRS they default want to tax us as a partnership, now no matter wgatvitvstill works as a pass through tax being an LLC right? but we can switch to LLC taxed as an S-Corp. and from my research we would benefit from the tax breaks/perks s-corps get without having to act out as an S-Corp since we are an LLC?
How many joint LLC owners opted to be taxed as an s-corp? What are our main advantageous to look at for doing this? I know taxed as an s-corp all start up costs can be written off as a loss correct?
No matter LLC taxed as a partnership or taxed as an S Corp we won't be double taxed correct? They both enable pass throughout our personal?
All replies are greatly appreciated!