Business Incorporation

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General


Good to know

  • Professional services corporations firm is classified as a personal service corporation. The IRS defines a personal service corporation as “any activity performed in the fields of accounting, actuarial science, architecture, consulting, engineering, health (including veterinary services), law, and the performing arts.”

Identification numbers


Tax info for single-member LLC

  • "Due to the number of members in your limited liability company, you are considered a Single-Member Limited Liability Company (LLC) as the type of structure applying for an EIN. Since you are a single-member LLC, you will initially be classified as a disregarded entity for the purposes of filing a federal tax return. If the only member of the LLC is an individual, the LLC income and expenses are reported on Form 1040 (U.S. Individual Income Tax Return), Schedule C, E, or F. If the only member of the LLC is not an individual, the LLC income and expenses are reported on the owner/member's tax return.
  • If you do not wish to accept the default classification of disregarded entity, you can File Form 8832 (Entity Classification Election) to elect corporate status, or File Form 2553 (Election by a Small Business Corporation) to elect S corporation status.
  • Single-member LLCs may not file a partnership return. If you need to change your type of structure, we recommend that you do so now, otherwise you will have to start over and re-enter your information. Additional help may be found by reviewing all types of organizations and structures before making your selection.