Which of the following can file as a corporation or partnership?
a. LLC and LLP.
b. LLC only.
c. LLP only.
d. LLC and S corporation.
To determine which of the options can file as a corporation or partnership, we need to understand the characteristics of each entity.
a. LLC (Limited Liability Company) - An LLC is a legal entity that offers liability protection to its owners, known as members. It can choose how it wants to be taxed, either as a partnership or a corporation. Therefore, an LLC can file as a partnership or a corporation.
b. LLP (Limited Liability Partnership) - Like an LLC, an LLP also offers liability protection to its partners. However, an LLP is typically used by professional service providers such as lawyers, accountants, etc. An LLP is generally treated as a partnership for tax purposes. Therefore, an LLP can only file as a partnership.
c. LLP only.
d. S Corporation - An S Corporation is a specific type of corporation that elects to be taxed under Subchapter S of the Internal Revenue Code. However, it is important to note that an S Corporation is not a legal entity like an LLC or LLP. Instead, it is a tax designation for a corporation. It cannot file as a partnership.
Based on the explanations above, the correct answer is:
a. LLC and LLP.