News & Articles

Watch Out for Potential Tax Bill When Converting Corporation

Posted on Thu, Dec 11, 2014

Your medical practice, currently running as a C or S corporation, may be considering the idea of converting to a limited liability company (LLC) or limited liability partnership (LLP). Under the right circumstances, that could be a good idea from a tax perspective. Here's why: Both LLCs and LLPs can be treated as partnerships for federal tax purposes. The tax rules for partnerships are far more flexible than the corporate rules.

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Tags: EHTC Article, Assets, IRS, Newsletter, Articles, LLC, LLP, Corporation, intangibles, Taxes, Goodwill