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  2. Limited liability company - Wikipedia

    en.wikipedia.org/wiki/Limited_liability_company

    Even the use of a single member LLC affords greater protection for the assets of the member, as compared to operating as an unincorporated entity. [ 19 ] Effective August 1, 2013, the Delaware Limited Liability Company Act provides that the managers and controlling members of a Delaware-domiciled limited liability company owe fiduciary duties ...

  3. Entity classification election - Wikipedia

    en.wikipedia.org/wiki/Entity_classification_election

    The election is effective for Federal income tax purposes. If an entity is not classified as a corporation, it is treated as a partnership for U.S. tax purposes if it has more than one owner, or is treated as a "disregarded entity" if it has a single owner (i.e. is treated as part of the single owner).

  4. Small business owners must report by end of the year to avoid ...

    www.aol.com/small-business-owners-must-report...

    The law was created "to combat illicit activity including tax fraud, money laundering and financing for terrorism by capturing more ownership information for specific U.S. businesses operating in ...

  5. Flow-through entity - Wikipedia

    en.wikipedia.org/wiki/Flow-through_entity

    However, if one is the sole member of a domestic limited liability company (LLC), one is not a sole proprietor if one elects to treat the LLC as a corporation. [5] In the United States, sole proprietors "must report all business income or losses on [their] personal income tax return; the business itself is not taxed separately.

  6. Sole proprietorship - Wikipedia

    en.wikipedia.org/wiki/Sole_proprietorship

    A permitted exception to the sole proprietor (single owner) stipulation is made by the Internal Revenue Service (IRS) permitting the spouse of a sole proprietor to work for the business. They are not classified as partners in the enterprise, or an independent contractor , enabling the business to retain its sole proprietorship status and not be ...

  7. How to dissolve an LLC

    www.aol.com/finance/dissolve-llc-153000360.html

    File this certificate—and not a printout of the LLC's tax account status—alongside the completed certificate of termination with the Secretary of State to legally end the LLC's existence. The ...

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