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1099 single owner LLC

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    #1

    1099 single owner LLC

    Now that I thought I had figure out which name to use for a single owner LLC I got confused again.

    I thought that if the LLC has it's own EIN then this EIN is associated with the name of the LLC and not the owners name. This is also what it says in the confirmation letter from the IRS. However, the 1096 form send to the LLC shows the owners name only.

    What do you think?
    Tags: None
    #2
    Off the cuff

    Gretel, take a look at the instructions for FORM W-9. If I recall, for SMLLC, IRS wants individual name and SSN or EIN assigned to INDIVIDUAL. Some have said there's no way they would give their SSN. I can't say I blame them for that. I do believe the individual name "as shown on the income tax return" (and that's a 1040) is correct. The next line on the W-9 is for the trade name.

    I would think IRS would have the same criteria for completing the 1096.
    If you loan someone $20 and never see them again, it was probably worth it.

    Comment

      #3
      OK, I know that the IRS advise cannot be relied on. I called the EIN number and the guy seemed to know what he was talking about and said very clearly that for a single member LLC the first line should show the LLC name (as it did when I received my confirmation letter) if an EIN was assigned to the LLC.

      I looked at the instructions for the W-9 form (2007) and noticed that they haven't updated them AFTER changing the rules about two years ago.

      I will rely with the advise I received today, which also feels right to me until IRS slaps my fingers.

      Comment

        #4
        W-9 for Single member LLC w/EIN

        I completed as follows. Name (as shown on your income tax return)... I left blank.
        Business name, if different from above.....I entered my LLC's full name. So was my LLC's full name as it will appear on Sch C, suppose to go on the first line and 2nd line is to be blank? I also checked Limted liability company and D as disregarded entity.

        Comment

          #5
          Instructions for completing 1099 for sole props or SMLLC say to enter individual name on 1st line, trade name "DBA".... on 2nd line. Use either SSN or EIN. IRS "prefers" SSN but instructions do not REQUIRE it.

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