Georgia Approval of Stock Option Plan
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How to fill out Approval Of Stock Option Plan?
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FAQ
Members of Georgia LLCs pay state income tax and the federal self-employment tax of 15.3% (12.4% for social security and 2.9% for Medicare). Single-member LLCs (SMLLC) are taxed as sole proprietors (aka ?disregarded entities?) by default, whereas multi-member LLCs are taxed as partnerships.
Key takeaways: S corp: Owners can take a salary and avoid self-employment taxes on the rest of the profits. LLC: Owner must pay self-employment tax on all net profits if taxed as a sole proprietorship or partnership.
If there will be multiple people involved in running the company, an S-Corp would be better than an LLC since there would be oversight via the board of directors. Also, members can be employees, and an S-Corp allows the members to receive cash dividends from company profits, which can be a great employee perk.
Both the Georgia net worth and corporation income taxes are computed and filed on Form 600for corporations, or Form 600S for small business corporations (see ¶6-005).
The rate of taxation is 5.75% of a corporation's Georgia taxable net income. If S Corporation status is recognized for Georgia purposes, the shareholders of the corporation pay the tax as opposed to the corporation paying the tax.
Corporations with a net worth exceeding $100,000 are subject to the net worth tax. (Businesses with smaller net worth aren't subject to the tax but still must file a return.) Neither partnerships nor LLCs treated as partnerships for federal income tax purposes have to pay the net worth tax.
Georgia recognizes the federal S corporation election and does not require a state-level S corporation election.