LLC S Corp maintenance/taxes

mskaganmskagan subscriber Posts: 1
Good evening,

Would anyone have any information on maintenance of an LLC with S Corp election. For example, say I have a business registered as an LLC with an S Corp election in the state of Virginia. What would I need to do yearly, in order to maintain the LLC and take care of taxes, what do I need to file annually?
This would also be taking into account the fact that I have operated at a loss all year and have not made any income, just expenses.

Thank you

Comments

  • saravanansaravanan subscriber Posts: 389 Silver Level Member
    The advantage to an LLC is that you are subject to fewer tax obligations (although total amount paid may be the same) and the form is a little more flexible. An LLC would be more advantageous if your business has fewer employees because an S-Corporation will be subject to more payroll taxes. But, as you add more employees, you may want these taxes automatically taken out through payroll.
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