Friday, January 20, 2012
What are the differences between shares in an S corporation and membership interests in an LLC in Florida?
What are the tax impplications of each? Can "founders Shares" or the like "founder's Membership Interests" be issued to "Founders" who are contributing "sweat equity" and/or non-defined intellectual property rather that cash, property or other tets. if yes, what are the tax implications of such an issuance of "founder's membership interests". I am pretty familiar with S corps but not with LLC's. Does it matter if the memership interests are called shares in the LLC operationg agreement? What is the typical goveneance structure or an LLC? Does it have a board of directors? Does it typically and /or can it have a typical hierarchy of officers like the corporation Chairman, President, VP, Treasurer , SEcretary. What are the typical titles? Does percentage "member interest ownership", determine who has control? If not, what does determine who is in control? What is the best free online reference for understanding LLC's legal, tax and practical implications vs a corporation???
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