There is one slight advantage to a single member LLC. If you are the sole owner of the entity (single member LLC) you can choose to be taxed as a sole proprietor or corporation (C or S). If you are willing to be taxed as a “sole proprietorship,” then you don’t need to get an EIN. You will still operate as an LLC, but it will be a “disregarded entity” in the eyes of the IRS.
I don’t understand what an LLC entity classification is and how to get it? NS When you file an LLC you can choose to elect how your new business will be classified for tax purposes. If your LLC has two or more members you can choose to be classified as either a corporation or a […]