Joined: 02 Dec 2009 Location: United States
Online Status: Offline Posts: 1
Posted: 02 Dec 2009 at 14:34 | IP Logged
I had a question about which classification I should use for federal purposes.
My partner and I filed for an LLC back in October for our small nail
salon. We have no employees, they are all independent contractors that
will be 1099 at the end of the year. It is a small operation and we've
been in business for only two months.
I've been reading up on the IRS website about how I would recognize our
LLC when I filed our taxes. A multiple member LLC can be classified for
tax purposes as a Corporation or a Partnership.
What is the difference between filing my taxes as a partnership
compared to if I would fill out Form 8832 to classify as a corporation?
Which would make more since for me to recognize my business as? Which
one would save me money on taxes in the long run?
Since I didn't fill out Form 8832, would the fed's recognize my LLC as
a partnership? All that was filed was the articles of organization.
Could someone please clear the air for me?
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Topic: Classifications
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