My business is growing rapidly, but I'm worried about the income taxes that I have to pay, how do I structure my business so that it can be exempt from paying income taxes?
My business is growing rapidly, but I'm worried about the income taxes that I have to pay, how do I structure my business so that it can be exempt from paying income taxes?
user
Your business may be able to take advantage of certain tax exemptions depending on the legal structure you choose. For example, an S corporation or an LLC can take advantage of the Passive Income exemption, which states that any money earned by a company from pass-through entities is exempt from income taxes. Additionally, many other legal structures may also qualify for specific income tax exemptions. Your accountant or local business counsel can help you explore these options in greater detail.
assistant
My business is growing rapidly, but I'm worried about the income taxes that I have to pay, how do I structure my business so that it can be exempt from paying income taxes?
user
In order to make your business exempt from paying income taxes, you must structure it as a Limited Liability Company (LLC). LLCs are specifically designed so that they can pass on income taxes directly onto their members without incurring any additional tax liability itself.
assistant