Greetings and happy new year my team. need your help…I’m working on my W9 and my business is an LLC
the W9 form is now asking under LLC is it a C or S corp?? can anyone add value here so i can respond correctly on this one. thank you.
Get an ‘EIN’ (Employer Identification Number) direct from the IRS. It’s free and is done in 5 minutes online. Never give hiring parties your SS #.
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You should have two LLC options.
First: individual/sole proprietor or single member llc. My guess is that this is your option.
Second: Limited Liability Company. S corp, C corp, Partnership. You would use this if you have more than one member in your llc. This is not common for signing agents.
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If you’re not sure how you would like your business classified for tax purposes you should definitely consult with an accountant before proceeding.
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Probably S. Check your Articles of Incorporation. It will be on the summary page, with your EIN.
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thank you ALL for the comments
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thank you for responding
You do not have to have more than one member to be classified as an S-Corp. You just have to file a form with IRS and they should issue an approval. I do taxes for myself and 3 other businesses that are one person operations that are LLC S-Corp or C-Corp’s that have chosen to be taxed as an S-Corp. Just remember, you must file a form with IRS in a timely manner after you have set up your business or have a good reason for your delay. I am an accountant and tax preparer in my “other life”.
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First Google response: An LLC is a legal entity only and must choose to pay tax either as an S Corp , C Corp , Partnership, or Sole Proprietorship. Therefore, for tax purposes, an LLC can be an S Corp , so there is really no difference.
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We you be available to answer some tax questions? This will be my 1st year filing with my business. All start up costs no profits yet.
A few months ago, I also faced a W9 form, and I understood that it would be best for me to get an EIN at the IRS so that things could go well without any unfortunate events.
The EIN replaces your SS# on a W9. This provides privacy as you never know where your W9 will end up. You can get an EIN for any business entity, including a sole proprietorship. Setting up an LLC, sole-proprietor LLC, S-Corp, or C-Corp provides you with certain legal protections. Before deciding have a chat with a Tax Professional or Lawyer to make certain you make the best choice for you.
As a side note; you an set up a corporation, including an LLC, in any state. You’re not locked into your home State.
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A few months ago, I also had to manage the W9 form, and I realized that it would be best for me to get an EIN at the IRS so that things could go better without any unfortunate troubles. An employer identification number (EIN) is a nine-digit number assigned by the IRS. It’s used to identify the tax accounts of employers and sure others who have no employees. The IRS uses the number to identify taxpayers who must file various business tax returns. So stop thinking about how you should complete W9 and get a number for the US tax system so that your taxes are recorded properly.