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Are there any default elections?


Entity Classification Election Filing Service


If a Limited Liability Company (LLC) does not file an Entity Classification Election, the Internal Revenue Service (IRS) will assume that it wants to be taxed it like a Sole Proprietorship if it has one owner, or that it wants to be taxed like a Partnership if it has multiple owners. Many business owners however do not want to leave something as financially important as their federal taxation up to assumption, so they file the Entity Classification Election to specify their election to the IRS and have a paper record of it.



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What is an Entity Classification Election? An Entity Classification Election is a filing submitted to the federal Internal Revenue Service (IRS) to tell them how to tax your business entity. For example, a single owner Limited Liability ...
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How do I get started with the filing process? SimpleFilings makes it easy to file your Entity Classification Election. Simply submit the application to get started...
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Are there any default elections? If a Limited Liability Company (LLC) does not file an Entity Classification Election, the Internal Revenue Service (IRS) will assume that it wants to be taxed it like a Sole Proprietorship if it has ...
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What is pass-through taxation? Pass-through taxation refers to the taxation of business entities like S-Corporations, many LLCs, General Partnerships, and Sole Proprietorships, whereby the business pays no income tax. Instead all ...
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