LLC Tax Classification and Member Taxation

Free CPA REG (Taxation & Regulation) lesson in Federal Taxation of Entities. 15 min read, ~2,245 words.

Single-member LLC defaults to a disregarded entity. Multi-member LLC defaults to a partnership (Form 1065). Either can elect corporate status. Check-the-box election is made on Form 8832 (C corp); to become an S corp, file Form 2553. The election is irrevocable for 60 months from the effective date. A single-member...