Chrislynn Freed, CPA, Installed As New CalCPA Education Foundation President
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Here is a chart from one of the CalCPA classes I attended that lists the various legal business entities and their possible tax classification. I keep seeing adds, videos on social media comparing an S-Corp with and LLC. This is simply not an apple to apple comparison. Many legal entities can apply for the Sub-Chapter S status often referred as S-Corp. When you compare an LLC to an S-corp you basically compare a legal entity that can file taxes 4 ways to a tax classification which is one of the
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