An LLC just had its taxes done for 2010, and it has been determined that the company owes about $30K to the IRS. Earnings have not been distributed to the owner. The owner understands that HE, not the company, is responsible for paying those taxes. This is not correct, is it? Since the profits remain with the company, wouldn't the company be responsible for paying the taxes?
Thank you for your help.
Thank you for your help.