The most important change is that the much lower individual income tax rates after tax reform, from a top rate of 70% when Reagan entered office to 28% after the reform, caused billions in business income to switch from corporate tax returns to individual tax returns as subchapter S corporations, partnerships, LLCs (limited liability partnerships), and proprietorships.
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Some would have paid big bucks anyway to set up complex estate planning vehicles such as trusts, limited liability companies and family limited partnerships.
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Most small businesses are organized as limited liability companies, partnerships and subchapter S corporations.
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Sole proprietors file Form 1040, Schedule C and S-corporations, limited partnerships and limited liability companies file the same form, only Schedule E.
Only individuals and pass-through entities (S corporations, partnerships and limited liability companies) benefit from capital gain, there must be a transfer of all rights.
Some families are getting around this problem by putting assets into family limited partnerships or limited liability companies and transferring interests in those entities to grandchildren, advisers say.
More than a fourth of the founders of the Forbes 200 Best Small Companies sock away stock in trusts or family partnerships and limited liability companies designed to benefit their heirs.
These changes will constrain the control of family wealth, may inadvertently promote unwanted behaviors, and may cause clients future fees and costs to keep up the various trusts, limited liability companies, family limited partnerships, and other devices on an annual basis.
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Limited Liability Companies are usually taxed as partnerships.
Kehoe and Dale Hart, his deputy, vow to revamp the audit process and shift resources into audits of shelters, partnerships, trusts, limited liability companies and high-income returns.
Partnerships can now offer limited liability and issue tradable shares.
Today's entrepreneurs don't have to make it a family affair: There are stadiums full of lawyers, accountants and planners buzzing about GRATs (grantor retained annuity trusts), FLPs (family limited partnerships), LLCs (limited liability companies) and CRTs (charitable remainder trusts).
The owners of these firms (pass-through entities such as partnerships, S corporations, and limited liability companies) pay tax at the individual rate, not the corporate rate.
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Most productions are structured like limited partnerships or, in a few cases, limited liability companies (which protects you from losing more than what you put in).
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