How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Lev Your Own Question

Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 22989
Experience:  Taxes, Immigration, Labor Relations
870116
Type Your Tax Question Here...
Lev is online now
A new question is answered every 9 seconds

Hi LEV, thanks again for your help. As I received the form

Resolved Question:

Hi LEV, thanks again for your help. As I received the form from State department of taxation and finance. Regarding LLC Request for information.

As we discussed, I'm sole proprietor. and I've already received EIN number.

But here are few questions on the form, I'm not sure what should I choose:

Part 4 - Business description:

They need me to choose NAICS code.

I'm not sure which one i should choose. Basically I'm in real estate, all my commission will go to LLC, but also i wanted to leave my LLC open, that not only be in real estate, could be doing other things as well. So what's NAICS code i should choose is better than just real estate broker? if i choose one for now, can I easily change it in the future?

Part 7 - Prior business organization and registration for new tax liabilities.

1. The LLC is not a successor to any prior business entity.

2. The LLC is a successor to a sole proprietorship or a corporation.

So I should choose 2, right?

Part 8: Prior business information:

Identification number: is it my EIN number or SSN?

Legal name: Is my company LLC name or my personal legal name?

DBA name: i don't know what's it?
Submitted: 1 year ago.
Category: Tax
Expert:  Lev replied 1 year ago.

LEV :

Hi and welcome to Just Answer!
NAICS stands for the North American Industry Classification System - that is the standard used by federal statistical agencies in classifying businesses - that doesn't affect the tax liability.
You may find more information here - http://www.naics.com/search.htm

LEV :

531210 is the code used for Offices of Real Estate Agents and Brokers - see details here - http://www.naics.com/free-code-search/naicsdescription.php?code=531210

LEV :

Again - that code is for statistical purposes only - and indicates the primary activity. It doesn't limit business activities in any way.

Customer:

Thanks for your help.

Customer:

Part 7 - Prior business organization and registration for new tax liabilities. 1. The LLC is not a successor to any prior business entity. 2. The LLC is a successor to a sole proprietorship or a corporation. So I should choose 2, right? Part 8: Prior business information: Identification number: is it my EIN number or SSN? Legal name: Is my company LLC name or my personal legal name? DBA name: i don't know what's it?

Customer:

It that possible if you could also help me on those questions

LEV :

Part 7 - Prior business organization and registration for new tax liabilities.
I would select - 2. The LLC is a successor to a sole proprietorship
Part 8: Prior business information: Identification number: is it my EIN number or SSN?
If the LLS is treated as disregarded entity - you need to use your SSN for income tax purposes and EIN for other purposes - property taxes, employment taxes (if the LLC has employees), sales taxes, etc.
Legal name: Is my company LLC name or my personal legal name? DBA name: i don't know what's it?
That will be an official name of the LLC.
DBA stands for Doing Business- As - that is an additional mane you may register. But if you do not have it - there is nothing to worry.

LEV :

Sorry - I do not type fast enough...

Customer:

Thanks so much!!!

Lev, Tax Advisor
Category: Tax
Satisfied Customers: 22989
Experience: Taxes, Immigration, Labor Relations
Lev and 2 other Tax Specialists are ready to help you
Customer: replied 1 year ago.

Another thing, as I work with a real estate company. So I should as them to send the commission checks to my company LLC but using SSN not EIN, right?


 


I only use EIN, if i sales properties or have employees.


 


My friend told me that by the end of the taxes year, i will send the 1099 via LLC to my accountant, and then accountant will give me K1 to fill the taxes, right?

Expert:  Lev replied 1 year ago.
That is correct - if you treat the LLC as a disregarded entity - all reporting for income tax purposes should be on your SSN.
However - if you will choose to treat your LLC as a corporation - you will need to start using EIN.
Or if that will be the LLC with several members - it will be reported as partnership on K1's.

There is no K1 for the single member LLC that is treated as disregarded entity.
Only if you choose the LLC to be treated as S-corporation - there will be K1.
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 22989
Experience: Taxes, Immigration, Labor Relations
Lev and 2 other Tax Specialists are ready to help you

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response... T.G.W Matteson, IL
< Last | Next >
  • I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response... T.G.W Matteson, IL
  • I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight. Bonnie Chesnee, SC
  • Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation. John Minneapolis, MN
  • Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with. Orville Hesperia, California
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex Los Angeles, CA
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP Hesperia, CA
 
 
 

Meet The Experts:

 
 
 
  • Wallstreet Esq.

    Tax Attorney

    Satisfied Customers:

    570
    10 years experience
< Last | Next >
  • http://ww2.justanswer.com/uploads/KU/KUMI95/2013-9-30_195031_kumar.64x64.jpg Wallstreet Esq.'s Avatar

    Wallstreet Esq.

    Tax Attorney

    Satisfied Customers:

    570
    10 years experience
  • http://ww2.justanswer.com/uploads/CU/Cuttinggirl/2011-10-29_03719_wcrop2.64x64.jpg Wendy Reed's Avatar

    Wendy Reed

    Enrolled Agent

    Satisfied Customers:

    3052
    15+ years tax preparation and tax advice.
  • http://ww2.justanswer.com/uploads/CATax/2009-08-04_204548_Mark.jpg Mark D's Avatar

    Mark D

    Enrolled Agent

    Satisfied Customers:

    985
    MBA, EA, Specializing in Business and Individual Tax Returns and Issues
  • http://ww2.justanswer.com/uploads/IN/insearchoftheanswer/2013-8-16_0233_attorney.64x64.jpg Richard's Avatar

    Richard

    Tax Attorney

    Satisfied Customers:

    3229
    29 years of experience as a tax, real estate, and business attorney.
  • http://ww2.justanswer.com/uploads/MY/MyVirtualCPA/2012-7-5_44024_cookmegan1.64x64.jpg Megan C's Avatar

    Megan C

    Certified Public Accountant (CPA)

    Satisfied Customers:

    6121
    Licensed CPA, CFE, CMA who teaches accounting courses at Master's Level
  • http://ww2.justanswer.com/uploads/JG/jgordosea/2012-6-7_43138_GordosVeritas.64x64.jpg jgordosea's Avatar

    jgordosea

    Enrolled Agent

    Satisfied Customers:

    2783
    I've prepared all types of taxes since 1987.
  • http://ww2.justanswer.com/uploads/OZ/ozaukeecpa/2012-6-7_193219_Picture1croppedandshrunk.64x64.jpg MequonCPA's Avatar

    MequonCPA

    Certified Public Accountant (CPA)

    Satisfied Customers:

    2231
    CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.
 
 
 
Chat Now With A Tax Professional
Lev
Lev
Tax Professional
22989 Satisfied Customers
Taxes, Immigration, Labor Relations