For federal income tax purposes, there is no such thing as being taxed as an LLC. If you decide to form an LLC to own and operate your small business, you have a couple of choices for how you want your LLC to be taxed. If you think you can benefit from the combined features of using an LLC to own and operate your small business and then having it be taxed like an S corporation, the possibility exists to establish your business as an LLC, but then make the election to have it treated as an S corporation by the IRS for tax purposes.
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