- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Best Answer Click here
This discussion has been locked. No new contributions can be made. You may start a new discussion here
Accepted Solutions
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
1) Yes
2) The Secretary of State mails them a form on their anniversary to send the $25 back with. Nothing the preparer needs to worry about.
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Only entities formed as state-law corporations pay franchise tax. LLCs never pay franchise tax (just the separate $25 per year), regardless of tax elections.
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
2 follow up questions
I assume an S-corporation that is pretty old and has always been an S-Corp will pay the franchise tax? They have been paying for quite some time.
2nd - Can you tell me what form the LLC would pay the $25? I am unfamiliar with that "tax"?
Thank you so much
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
1) Yes
2) The Secretary of State mails them a form on their anniversary to send the $25 back with. Nothing the preparer needs to worry about.