100% Independent Document Services. We are not affiliated with any government agency.
What this means

What does "election" mean?

Entity Classification Election Filing Service

Election in this context means choice. So an Entity Classification Election is a business's choice of entity classification, which in turn determines how the IRS taxes them.

Explore more articles like this one
What types of entities make this election? Eligible Limited Liability Companies (LLCs), partnerships, sole proprietorships, and foreign entity types can make this election with the IRS. But the document preparation and filing service we offer ...
Read more
What does the election accomplish? The Limited Liability Company (LLC) entity type is flexible on how it can be taxed. It can be taxed like a Sole Proprietorship or Partnership (depending on if it has one owner or multiple), or it can ...
Read more
What is a "disregarded entity"? Most commonly, Disregarded Entity is the IRS's term for LLCs that have only one owner, and that elect to be taxed like a Sole Proprietorship.But another more technical way to define it is as a ...
Read more
Does the application have any specific business name requirements? The name of the LLC should be entered exactly as it is on the LLC's Articles of Formation of equivalent formation documents filed with the state. In general, it must contain an appropriate LLC-type ...
Read more
View all articles about this service