Tag: double taxation

The way a business is structured can determine more than who will sign contracts and who will be on the hook if something goes wrong. It can also affect how much of the business’s profits will go to the IRS and the Illinois Department of Revenue each year. Two Naperville business owners earning the same amount of profits could owe very different amounts in taxes simply because one formed a corporation and the other formed a limited liability company. Getting this choice right early can help prevent headaches later. Structuring […]