tax form for LLC

[koconnor]

I am filling out the federal EIN form, and i'm stuck on the 'type of entity' section. I formed an LLC, I am the only person, and will be selling products on a website. Can anyone tell me what form to list if choosing the 'corporation' designation for an entity? Any advice would be appreciated. Thanks.

[Dalen]

If you've submitted the LLC paperwork, then you'll select "corporation". Generally the FEIN form is submitted first, hence the line following asking for "Form to be filed", that would be the LLC form that you've already filled out.

Just FYI, the "closing month of accounting year" is the end of your business (fiscal) year.

I don't want to insult you by giving you information that you already know, but feel free to contact me at eightmanagement@yahoo.com if you have any further questions. I fill these things out all the time (note that as an LLC you cannot file for FEIN online).

Joshua

[Augustine5I]

Ok, now I have a follow up to that question. If the LLC is owned by another LLC, what options should be selected?

BTW, from what I concluded by searching through numerous pages on the IRS site (which is why I'm not a CPA), you can now register an LLC online. For a single member, you select Sole Proprietorship, fill in your SSN, then in the other box (it says do not check this box) fill in Single member. Also, it says to make sure your legal name has LLC in it.

I'm guessing that since you have flow-through on the parent LLC that instead of putting the EIN of the parent LLC, you would go ahead and fill it out as though you directly owned it. In other words, fill it out exactly as the parent LLC was filled out (as a sole proprietorship).

Any ideas?

[Dalen]

Send me the link that you're looking at (I always use the Ohio form which included the articles of incorporation). If you use your information as though you directly own the second company, then you'll own both companies. If you use the first company's name and ein, then the tax will flow through to the first company.

It really depends on what your goal is to decide which way is better.

If you send me the link that you're using, I'd be happy to complete the form for you. I do these on a regular basis, I just don't normally use the irs form.

eightmanagement@yahoo.com