For the first 8 months my business was a sloe prop...
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New Member

For the first 8 months my business was a sloe proprietorship, but I transitioned to an LLC in October. How does this change how I set up my 2020 taxes?

 
2 Replies
Level 14

For the first 8 months my business was a sloe proprietorship, but I transitioned to an LLC in October. How does this change how I set up my 2020 taxes?

. A single-member LLC is a “disregarded entity” for taxpurposes—that is, it is taxed the same as a sole proprietorship.

Level 3

For the first 8 months my business was a sloe proprietorship, but I transitioned to an LLC in October. How does this change how I set up my 2020 taxes?

both the operations of your sole proprietorship and LLC get reported on the same schedule C. 

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