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Q.How does the IRS tax a Single Member LLC?
A.A single member LLC is a limited liability company with only one member. The IRS classifies automatically considers the member as a sole proprietor unless the member elects to be treated as a corporation. please note, that whether or not the memenber elects to be treated as a corporation for tax purposes will NOT affect the limited liability protection afforded to the member of the LLC.
IRS Circular 230 Disclosure: As required by U.S. Treasury Regulations, you are hereby advised that any written tax advice contained on this web site is not written or intended to be used (and cannot be used) by any taxpayer for the purpose of avoiding penalties that may be imposed on a taxpayer under the U.S. Internal Revenue Service.
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