- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Business & farm
@Mblair wrote:
In terms of taxes, how do you go about switching from a sole proprietorship to a sole proprietorship LLC in the middle of the year? @JulieCo
There is essentially no difference, for federal income tax purposes, between a sole proprietorship and a single-member LLC unless an election is made to be treated as a corporation for tax purposes.
If a single-member LLC does not elect to be treated as a corporation, the LLC is a "disregarded entity," and the LLC's activities should be reflected on its owner's federal tax return.
‎September 4, 2019
10:51 AM