Can a business be organized as a Limited Partnership (Texas) and taxed as an S-Corp? I believe it can be, but am being told that the business is either an LP taxed as a partnership or it's an LLC taxed as a corporation. "It can't be both".
If if can be an LP/S, is the business one entity, or would you have to create a parent company to hold the other to receive the pass through taxation? One tax ID or Two?
Any help is greatly appreciated!!
If if can be an LP/S, is the business one entity, or would you have to create a parent company to hold the other to receive the pass through taxation? One tax ID or Two?
Any help is greatly appreciated!!
