Welcome to the new – and evolving – online home of The CPA Journal.
Who Gets K.O.'d by the K-1?
Full articles of The CPA Journal are available to NYSSCPA members and CPAJ subscribers ONLY. Please login to access this content.
Nonmembers and nonsubscribers, you can apply for NYSSCPA Membership here and get unlimited access to The CPA Journal, or you can create a non-member online account here and purchase individual articles.
Michael Geeraerts, JD, CPA, CGMA, CLU
The limited liability company (LLC) is becoming the preferred entity to conduct business, largely due to the limited liability protection offered to owners and the ability to elect to be taxed as a partnership, which allows for flexible, pass-through income taxation. While C corporations afford limited liability to shareholders, the double taxation of earnings is often a sufficient deterrent to avoid doing business as a C corporation. And while shareholders of S corporations have limited liability as well, the pass-through taxation system for S corporations is not as flexible as the pass-through taxation system for partnerships. Partnerships do not generally provide limited liability protection; limited partnerships provide some, but usually at least one general partner is subject to unlimited liability. Thus, the LLC combines the best of both worlds—limited liability for all owners and partnership pass-through taxation.
Post a resume or job listing in our Career Center to connect with hundreds of employers or job seekers.
Join 27,000 of your peers. Apply for membership today!
Find CPE Conferences, Seminars, and Online Courses Here.
Save up to 40% on CPE
with the FAE Value Pass.
Get insight and analysis into
all areas of the profession.
Content provided by and exclusively for NYSSCPA members.
Stay up to date with important
A daily roundup of the latest from around the accounting and financial industry.
strong PAC means a strong profession. Donate Today.
Help develop a strong
network of connections.
A resource for NYSSCPA Members.
expert answers to technical questions.
career off right with an experienced mentor.
It's never too early
to start thinking about your career.