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IRS Lets LLCs Adopt ESOPs
McDonald Hopkins [Guidance Overview] Jan. 19, 2016 "The ruling is a PLR and as such is applicable only to the taxpayer that requested it. If you wish to have [a Limited Liability Company (LLC)] adopt an ESOP for purposes of acquiring the LLC's membership units, you are best advised to request your own private letter ruling. In addition, if an existing LLC has been taxed like a partnership, checking the box to be taxed as a corporation could result in adverse tax consequences. Since there may be tax issues for the members, it is important to carefully analyze and factor check the box and being taxed as a C-Corporation into the decision-making process before you choose to use an ESOP." |
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