Choice of Entity, EIN, Tax Year, Hobby vs Business
Free IRS Enrolled Agent SEE Part 2 (Businesses) lesson in Business Entities and Considerations. 27 min read, ~3,994 words.
Five entity types must be distinguished: sole proprietorship (Schedule C), partnership/QJV (Form 1065 or split Schedule C), C corporation (Form 1120, flat 21%), S corporation (Form 1120-S, pass-through), LLC (default disregarded or partnership; may elect corporate via Form 8832 or S via Form 2553). Default classification: single-member domestic LLC is...
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What this lesson covers
- Content
- Example 1
- Example 2
- Common Mistakes
- Key Takeaways
- Exam Shortcuts
Learning objectives
- 1
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