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I recently formed a single-member LLC and...

Resolved • Response time 32 minutes

21 Jun 2013

I recently formed a single-member LLC and need clarification on the tax and accounting aspects of the business. Am I supposed to be accounting as if I am a sole proprietor or a partnership? Will I complete schedule C of form 1040 to list all my revenues and expenses?
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21 Jun 2013

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21 Jun 2013
USTaxAdvising
USTaxAdvising
Hello, I can help you with your tax question today. Am I supposed to be accounting as if I am a sole proprietor or a partnership? - You should be accounting for your business as a sole proprietor since you are the single member. Being a single member of an LLC makes the entity "disregarded separate from it's owner" meaning that it is as if you are the LLC and it is disregarded. "an LLC with only one member is treated as an entity disregarded as separate from its owner for income tax purposes (but as a separate entity for purposes of employment tax and certain excise taxes), unless it files Form 8832 and affirmatively elects to be treated as a corporation." See support here from the IRS - http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Single-Member-Limited-Liability-Companies Will I complete schedule C of form 1040 to list all my revenues and expenses? - Yes exactly. See link above for confirmation. Best regards
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USTaxAdvising
USTaxAdvising
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