LLC - single member

[oceanlovin'ea]

Is there any other form besides the Schedule C that must be filed for a single member LLC? Is there a state or federal form that needs to filed?

LLC was formed in May 2005. What steps need to be taken to change this filing status to a S corp? Can it be done?

Should we file Schedule C for 2005 and apply for S corp status as of 1/1/06?

A friend asked me about this and I have not done any LLC returns. So I am asking you for this information.

Thanks

Linda F

[S T]

LLC S corp elect

Is there any other form besides the Schedule C that must be filed for a single member LLC? Is there a state or federal form that needs to filed?

You would need to check your State requirements. But if electing to report on Sched C for Federal, I would think also Sched C for State.

LLC was formed in May 2005. What steps need to be taken to change this filing status to a S corp? Can it be done?

Form 8832, change entity classification

Should we file Schedule C for 2005 and apply for S corp status as of 1/1/06?

I believe that is what you would need to do, if you can have the status changed for a 1/1/06 date.

Sandy

[Matt Sova]

S-Corp

You can become an S-Corp for 2005. File the 2553 pursuant to Rev Proc 2003-43 and date it back to 1/1/05 or the beginning date of the business. One issue though is the fact that there were no wages taken by the officer in 2005. You could take a small wage in 12/05, file the 941 and other forms and when the letters come in for late penalties you could probably get them abated. Could end up being a pain in the butt.

[dsi]

Is there any other form besides the Schedule C that must be filed for a single member LLC? Is there a state or federal form that needs to filed?

LLC was formed in May 2005. What steps need to be taken to change this filing status to a S corp? Can it be done?

Should we file Schedule C for 2005 and apply for S corp status as of 1/1/06?

A friend asked me about this and I have not done any LLC returns. So I am asking you for this information.

Thanks

Linda F

In CA, one must also file form 568 to report gross sales and be TAXED on them!

[oceanlovin'ea]

In Florida

This client is in Florida. Does anyone in Florida know about state requirements?

I did find in The TaxBook that for a single member LLC, you use Sch C or F and the 1040. So I guess the state requirements are what else we need to know about.

Linda F

[Brian EA]

This client is in Florida. Does anyone in Florida know about state requirements?

I did find in The TaxBook that for a single member LLC, you use Sch C or F and the 1040. So I guess the state requirements are what else we need to know about.

Linda F

All I can say is that Scorp in florida is not taxed. ;however you have to do a return the first year hereby informing them that you are an Scorp. They will never bother after that.

I do not have much experience with LLC. You can go to myflorida.com and search tax. I am sure they have info that will help you