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Richard, Tax Attorney
Category: Tax
Satisfied Customers: 53715
Experience:  29 years of experience as a tax, real estate, and business attorney.
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Yes hello I live in Virginia and have a single owner online

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Yes hello I live in Virginia and have a single owner online business which is not making tons of profit because most of the income goes into products to resell or new and better equipment, the main question today is that I have been able to file all of my business within our normal 1040 form each year but last year 2010 I setup my business name under the state LLC but I am not yet ready to start filing taxes as an LLC all I did was to purchase and setup the name do you forsee any concerns ???

Thanks Tom
Good afternoon. Are you the sole member of the LLC? Thanks.
Customer: replied 5 years ago.

Well I have been the sole owner for many years and just last year I went ahead and ordered the LLC name but have not been planning on filing as a LLC..


But I can include my wife as a owner as well which ever may be best and the least amount of work...

Thanks. As a single member entity (and even if your wife is also an owner, it's remains a single member entity), it's basically a disregarded entity and you don't have to file a separate return for the entity. You can simply put any activity it has, if any, on Schedule C of your 1040.



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The information given here is not legal advice. As all states have different intricacies in their laws, the information given is general only. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.

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