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Wallstreet Esq., Tax Attorney
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Experience:  10 years experience
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My wife is the owner of an LLC that we created over a year

Customer Question

My wife is the owner of an LLC that we created over a year ago.She is the only member but it was classified as a c-corporate by default.It has been dormant until two months ago.I was unemployed and II believed that I had a non-compete.I did not.I really started putting energy into it and have done some business.We where wondering how would we go about making myself the owner of the LLC and make it a single member instead of a c-corp.
Submitted: 7 months ago.
Category: Tax
Expert:  Lane replied 7 months ago.

Hi again ... You'll use form 8832 to request a change in tax treatment.


An LLC isn't a C-Corp by default, however. If you don't elect C-Corp or S-Corp taxation, the LLC is either treated as a disregarded entity (sole proprietorship) if only one member (owner in LLC terminology) or as a partnership if there is more than one owner.


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