Disregarded Entity

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  • เผยแพร่เมื่อ 29 ต.ค. 2024

ความคิดเห็น • 32

  • @40EntrepreneurDrive
    @40EntrepreneurDrive 3 ปีที่แล้ว +13

    Thank you for the explanation sir. I'm online at the moment registering for an EIN for my new business. When I saw the message that my sole proprietorship LLC would be given the status of disregarded entity, the first thing I thought is "how rude!"😑 I don't want to be disregarded! Now I understand that there is no difference in the liability protection, only the tax filing status as far as being a disregarded entity. Thank you.

  • @Alonzojrcooks19
    @Alonzojrcooks19 ปีที่แล้ว +1

    This is such a TREMENDOUS blessing to my team and I! Thank you, sir, for not hoardering your knowledge.

  • @patriciadanna7433
    @patriciadanna7433 2 ปีที่แล้ว +1

    Thanks for the information. I'm a self-published author & will set up LLC with Disregarded Entity. I think this suits my needs...Schedule C

  • @TheGoodVibes-Channel
    @TheGoodVibes-Channel ปีที่แล้ว

    Hello,
    My SMLLC Fon non us resident is by default a sole proprietor by IRS, which means there is no protection.
    I wanted to be taxed as disregarded entity separated from the owner to get that protection.
    Should I fill 8832 myself or I need someone to do it for me?

  • @tzook8
    @tzook8 2 ปีที่แล้ว +2

    So I have an LLC and an EIN… I opened a business bank account with my EIN… can I still deem my business as a disregarded entity? And how does that work during tax time?

    • @Legaleescorp
      @Legaleescorp  2 ปีที่แล้ว +3

      It would not be a disregarded entity, because the IRS considers it its own taxing entity, because it has an EIN. How did you say it was going to be taxed? Partnership? Subchapter S entity-like an S Corporation?

  • @kindralee2125
    @kindralee2125 4 ปีที่แล้ว +1

    What's the quickest way to complete, send and get results for 8832 form?

  • @jasonsignor7237
    @jasonsignor7237 2 ปีที่แล้ว +2

    What is the impact on getting business credit if setting up an LLC taxed as a disregarded entity? I’m assuming that because personal SSN is used, then banks will look at personal credit.

    • @Legaleescorp
      @Legaleescorp  2 ปีที่แล้ว +2

      Business credit for a closely held company is a total myth unless the business has many millions of dollars in assets. The credit of the owner (owners) will always be the key and their credit and personal guarantee will always be required. (Yes, I know someone out there can prove what I said was wrong, but for every one of those there are ten thousand others.) Business credit in a disregarded LLC is a total 100% joke or myth.

  • @theinvisibleworld888
    @theinvisibleworld888 7 หลายเดือนก่อน

    Spoke like a true OG wizard lol....thank you

  • @StephanieGagos
    @StephanieGagos ปีที่แล้ว +2

    Thank you for your video. I have a single member LLC and will be taxed as an S-Corp. Is my LLC a disregarded entity? I cannot wrap my brain around it. It's a bit confusing lol. I did watch the video. I'm currently filling out the request for more information form from NYS. It says "check here if the LLC is a single member LLC that is disregarded as an entity separate from its owners for Federal and NYS tax purposes."

    • @Legaleescorp
      @Legaleescorp  ปีที่แล้ว +2

      You get to choose how your LLC will be taxed. If you choose to have it taxed as a sole proprietorship and use your Social Security number then the IRS wouldn’t even know you had an LLC. it would be disregarded by the IRS. they think it is just you. You choose to have your single member LLC taxed under Subchapter S or the IRS Code. That’s fine. But the IRS now knows there is something there, either a corporation or LLC, and so it isn’t disregarded by the IRS. you have to get an EIN for the LLC taxed under Subchapter S.

    • @StephanieGagos
      @StephanieGagos ปีที่แล้ว

      @@Legaleescorp Thanks so much for your response.

  • @RavimonNair
    @RavimonNair ปีที่แล้ว +1

    What is the Chapter - Status of Disregarded entity. in Form W-8BEN-E Can we use Active NFFE???

    • @Legaleescorp
      @Legaleescorp  ปีที่แล้ว +1

      It sounds like you are dealing with paying foreign people, and that is beyond my pay grade. You will need a large international accounting firm.

    • @giftofgod2532
      @giftofgod2532 6 หลายเดือนก่อน

      Wh😢at?!? Above your pay grade? That's exciting and disturbing.
      Love how you explain this.
      Feel free to answer the question, we'll be here 😂😂

  • @morazan80
    @morazan80 6 ปีที่แล้ว +5

    Thanks for helping.

  • @JorgeMartinez-wt4vs
    @JorgeMartinez-wt4vs ปีที่แล้ว +1

    Could a single-member LLC with its own EIN, be considered a Disregarded entity?

    • @Legaleescorp
      @Legaleescorp  ปีที่แล้ว +2

      Generally, if it has an EIN, it needs to file its own tax return, so it would not be disregarded, because the IRS looks at it as a separate entity.

    • @g86jn
      @g86jn ปีที่แล้ว +2

      Thanks for mopping that up

  • @billytheweasel
    @billytheweasel 3 ปีที่แล้ว +3

    Can't a married couple filing jointly set an LLC Tax Provision as "Disregarded" too, and not a Partnership as stated here?

    • @Legaleescorp
      @Legaleescorp  3 ปีที่แล้ว +4

      Yes a married couple filing a joint 1040 IRS return can set up their LLC as a sole proprietorship (disregarded entity) or as a partnership. If I didn’t make that point, I missed it. sorry. Thanks for pointing it out.

    • @LordBlackNephew
      @LordBlackNephew 3 ปีที่แล้ว +4

      Lee, can i open a bank account with a disregarded LLC?

    • @GunsNStuff
      @GunsNStuff 2 ปีที่แล้ว +2

      @@LordBlackNephew yes bro, you can. If you scroll through the comments he answers this question. You will open a bank account under your OWN Social Security Number

  • @Bennuides
    @Bennuides 2 ปีที่แล้ว +2

    Can a disregarded LLC build credit and take out loans?

    • @Legaleescorp
      @Legaleescorp  2 ปีที่แล้ว +2

      The myth that a small business, of any taxation structure, can build credit and get loans is pretty much just a myth. You as the small business owner will 99.9% of the time sign personally on the loan, and it will be your credit that gets the loan.

  • @LordBlackNephew
    @LordBlackNephew 3 ปีที่แล้ว +3

    Hey Lee, can I open a bank account with a disregarded LLC?

    • @Legaleescorp
      @Legaleescorp  3 ปีที่แล้ว +2

      Absolutely, you will need a bank account. It will be in the name of the LLC with your social security number.

    • @cesariruegas8823
      @cesariruegas8823 2 ปีที่แล้ว +2

      @@Legaleescorp What if my S Corp owns 100% of my LLC. Would I use the S Corp EIN for the LLC bank account?

  • @Magnificent49
    @Magnificent49 ปีที่แล้ว

    Thank you!

  • @lindsaygreen5102
    @lindsaygreen5102 4 ปีที่แล้ว +1

    Thanks!