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You will have 2 schedule C's. One using your social security number for the part of the year you had a sole proprietorship
The other schedule C will be for your LLC
Then, after the initial year you will only have one schedule C
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Whether or not the sole proprietorship will just still file one Schedule C in the year of establishing a single member limited liability company (SMLLC) depends on whether or not the SMLLC chooses to be taxed as a corporation.
If the single member LLC does not choose to be taxed as a corporation then you will simply file as you always have. There is not any need to make two Schedule C as the SMLLC not electing to be taxed as a corporation is disregarded for income tax purposes. Disregarded means nothing changes in the tax reporting.
For more details see http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Single-Member-Limited-Liability-Companies
"For federal income tax purposes, a single-member LLC classified as a disregarded entity generally must use the owner's social security number (SSN) or EIN for all information returns and reporting related to income tax."
If the SMLLC elects to be taxed as a corporation, the Schedule C will cover only the period prior to that election and the corporation will file a return for the period after the election is effective.
For more information see http://www.irs.gov/publications/p3402/ar02.html#en_US_publink1000244352
Please ask if you need more information or clarification.
This is why I asked the question. I have received conflicting answers from a variety of sources...If I did file 2 schedule C's would there be a change in the way depreciation is handled for the LLC. i.e. if I had an 5-year item with 2 years of prior depreciation, would i just continue over the next 3 years or would the LLC have to start over and depreciate the balance over 5 years?