S Corporations and New York City
…do not make a match formed in heaven. New York City does not recognize s-corporations and makes all s corporations liable for its General Corporation Tax to the tune of 8.85%. Thus, in NYC, an LLC is often the better and more tax friendly alternative for new business owners. If it weren’t for the costly publication requirement, NYC could finally participate in the national LLC boom. Lend your support to get rid of the publication requirement!