…do not make a match formed in heaven. New York City does not recognize s-corporations and makes all s corporations liable for its General Corporation Tax to the tune of 8.85%. Thus, in NYC, an LLC is often the better and more tax friendly alternative for new business owners. If it weren’t for the costly publication requirement, NYC could finally participate in the national LLC boom. Lend your support to get rid of the publication requirement!
Cool! Thanks for the link!
That’s great info
Its so stupid that because I was an S-corp instead of a LLC I have to pay an additional 9% taxes. Our tax code is the worst.
NYC the worst place to start a business. As if city income taxes weren’t high enough you have to deal with double taxation as a city business. Insane.
I never realized how high the taxes are in NYC. The taxes may be high, but the market is the largest in the States and businesses are able to overcome the high taxes and thrive.
I’m wondering though if this “rule” applies to LLCs taxed AS S-corporations?
I have my own business about real estate in my home country, and I try to read all the possible information about the issue on the net. Thanks for this great resource. These days we have a crisis similar to USA, and the best way to get better is learning about the solutions and measures taken in America. Thanks again
oh man, i think ive started like 5 business in NYC all didnt work. maybe im not that good 🙂
Strangely, there are those in the City who are not hostile to reform. So it has to be just a matter of how long will it take.