Posted by JHyre in Ohio on July 12, 2003 at 12:08:51:
Yes, the LLC would be treated as an S-corp for tax purposes. Start-up expenses are added together, treated as an asset and amortized (read: depreciated) over 5 years. Most anything that would ordinarily be deductible but for the lack of a business at the time can be treated as start-up costs.
John Hyre
LLC’c formed and selecting to be taxed as S Corp - Posted by Shawn Klodzinski
Posted by Shawn Klodzinski on July 10, 2003 at 16:40:35:
If you Form A LLC and select it to be taxed as an S Corp do you get the same benefits as an S Corp when it comes to Dealer status. The location of the LLC will be in Michigan. Also what can you deduct for start up expenses? EX. Business meals, Educational books… etc