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Business & farm
LLCs are State Organizations.
An S-Corp is a IRS Tax Designation.
Your LLC organization type does not change based on your Tax Designation.
You can be a sole proprietor, a partnership or an S-Corp with an LLC.
As a single member LLC, I believe you are taxed as a Sole proprietor unless you make the S-Corp election as stated by the other member. You have a window to make that election. FYI...I am not a tax accountant.
May 22, 2024
9:27 AM