Would appreciate if someone would tell me what are the minimum taxes for various forms of [small] business entities in NYC: LLC, C-Corp, S-Corp, Partnerships, etc. I saw memtion of Serial LLC. Does that form apply in NYC?
TIA
I can only answer part of one of your questions.
The minimum NYS income tax for a NY C-Corporation is $100. I don't know if NYC has an additional minimum tax.
There must be better reasons to choose between the various small business entities than the minimum tax.
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Solely for NYC:
Aside from the miscellaneous filing and property taxes, the major NYC business taxes are: Unincorporated Business Tax - this tax applies to sole proprietors and all entities that are treated as partnerships (including an LLC that is treated as a partnership for federal and state purposes). The UBT generally passes through to the partners/members of an entity, who get a credit for the amount paid against their NYC individual income tax (thus, if a partner/member is not required to file a separate return for NYC taxes, there is no credit for the tax - i.e., nonresidents who are partners in a partnership that conducts business in NYC don't get a credit for the tax; unless they otherwise can claim a credit for taxes paid to other states on their own individual income tax returns for the state they reside in). Corporation Tax - this tax applies to all corporations, which includes S-corporations because NYC does not recognize S-corporations as different from C-corporations. There are also special tax regimes that apply to banking corporations, insurance companies, and not-for-profits (i.e., UBTI-type taxes).
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