Can an LLC receive S corp. tax status?

Business owners should keep in mind that LLCs can request S corp. tax status.  This allows your company to remain an LLC for legal purposes but gain the tax benefits of an S corp.  To gain S corp. status, an LLC must comply with the S corp. ownership rules but need not follow corporate formalities.  So, an LLC with S corp. tax status still has more flexibility than a traditional S corp.

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