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How do I form a Single Member LLC with New York State?

Knowing that a SMLLC is taxed as a sole proprietorship (with Schedule C), how do I form the SMLLC with New York State? The NYS website doesn't have a specific SMLLC legal structure: it only has the option for an LLC or a SP.

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Forming an SMLLC...... A limited liability corporation? ------For federal income tax purposes, a single-member LLC classified as a disregarded entity generally must use the owner's social security number (SSN) or EIN for all information returns and reporting related to income tax. ... Thus, most new single-member LLCs classified as disregarded entities will need to obtain an EIN. ----------Can you form an LLC with one person? A single-member LLC is treated by the IRS as a “disregarded entity” for federal income tax purposes. This means that any profit or loss from the business can be reported on the member's personal income tax, or 1040 and Schedule C forms. This means that the LLC is treated as a sole proprietorship for tax purposes.

------Can a single member LLC be treated as an S corporation? The default federal tax status for a single-member limited liability company (SMLLC) is disregarded entity. However, the owner of an SMLLC can elect to have the business taxed as either a traditional C corporation or as an S corporation. ---What is a disregarded entity LLC? The IRS classifies a single-member LLC by default as a disregarded entity and treats the business as a sole proprietorship for income tax purposes. The IRS disregards the company as being separate from its owner. -------How do you file taxes for a single member LLC? As soon as your LLC is filed, or at your earliest possible convenience, fill out an IRS Form 8832, Entity Classification Election, and elect corporate tax treatment. If you must file as a "disregarded entity" then add your LLC's tax identification number to your Schedule C when filing your annual tax return.... ----Can an LLC be taxed as an S Corp? LLCs can file Form 8832 (PDF) to elect their business entity classification. ... Thus, an LLC with multiple owners can either accept its default classification as a partnership, or file Form 8832 to elect to be classified as an association taxable as a corporation. -----What is better LLC or S Corp? Both are typically pass-through tax entities, and while S corps must file a business tax return, LLCs only file business tax returns if the LLC has more than one owner. With pass-through taxation, no income taxes are paid at the business level. Business profit or loss is passed-through to owners' personal tax returns. ------Why would you choose an S corporation? Corporations can elect "pass-through" taxation by applying to the IRS for status as a Subchapter S Corporation. The s corp provides the same protection from personal liability as a c corp. However, owners of an s corp can report their share of profit and loss in the company on their individual tax returns. --------------------------------------------------------------------------STEPS .

If you are intent on operating as a single member LLC, then you should do the following:

As soon as your LLC is filed, or at your earliest possible convenience, fill out an IRS Form 8832, Entity Classification Election, and elect corporate tax treatment.

If you must file as a "disregarded entity" then add your LLC's tax identification number to your Schedule C when filing your annual tax return.

Your recordkeeping must be impeccable. Keep records like you would a corporation. This includes meeting minutes and resolutions documenting every major decision in the company as well as updated membership roles. Membership should vote regularly on issues facing the companies.

Keep your business income and expenses completely separate from your personal banking. The most dangerous thing you can do as a business owner is to use your business as your own personal piggy bank.

When signing important paperwork relating to your business, make sure to sign everything on behalf of your LLC. After your signature, you should put something like the following: "John Doe, on behalf of JD Advertising, LLC".

-----to obtain Here are two sites you can use: https://www.myllc.com/order.aspx?qsOrderType=2 https://www.incfile.com/form-order-now.php?entityType=LLC&entityState=NY

-----------you do not need to set a registered agent, you can represent yourself. --------it is 49.00 at incfile to form and file. link above ----the state fee is $200 unavoidable must be filed. -------an EIN is free from irs.gov ----ein is for the business banking account and report to irs wages and so forth ----after approved from state you have to post in the newspaper , small column that business is incorporated.

Goodluck

Report V's answer

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Hi Jayme,

  1. You need to know first where you are going to locate it because depending on the place, you will need to visit the Secretary of State’s office, a Business Bureau, or a Business Agency.
  2. Get federal and state tax ID numbers, also known as an Employer Identification Number (EIN)
  3. Apply for licenses and permits, depending on where it is going to be located.

I hope this has helped you, if you may need anything else, please let me know!

Report Humberto's answer

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