Business Law

Ask a business lLawyer. Get business law questions answered ASAP.

Ask a Lawyer,
Get an Answer ASAP!

I just noticed that the W-9 form I fill out has a

Customer Question
For taxes, I just noticed...
For taxes, I just noticed that the W-9 form I fill out has a distinction for filing listed as:
() individual/sole proprietor () c corp () s corp () partnership () trust/estate
() limiited liability company. Enter tax classification (c=corp, s=s, p=p) I entered c
============
This may not make sense unless you actually search for the form online and read it.
But, my questions is, from a business /tax point, if I am the sole owner, principal and proprietor can't the company be a sole proprietorship but also a limited liability company.
My brain might now be working today or this is just odd.
I just need to know that by selecting the LLC option and entering C, that I would still be able to properly report business income on my business tax returns along with the personal returns.
Submitted: 2 years ago.Category: Business Law
Show More
Show Less
Ask Your Own Business Law Question
Answered in 7 minutes by:
3/1/2016
Business Lawyer: Law Educator, Esq., Attorney replied 2 years ago
Law Educator, Esq.
Category: Business Law
Satisfied Customers: 124,241
Experience: All corporate law, including non-profits and charitable fraternal organizations.
Verified

Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.

A sole proprietorship is an unincorporated business entity. A LLC is an incorporated business entity that is treated for tax purposes as a partnership. Even though a sole owner LLC is like a sole proprietorship for tax purposes in that the taxes flow to your personal return, it is not the same classification as a sole proprietorship if it is an LLC because the LLC still has to file a tax return separately and issue you a K-1 form (like a 1099) for the profits/losses of the LLC which you claim on your income tax return. If you are a sole owner LLC and choose to be taxed as a corporation, you may do so, which is what selecting "C" does, meaning that instead of the LLC issuing a K-1 form, your LLC pays taxes like a corporation on the LLC tax return. If you select "p" then you issue a K-1 to you from the LLC and claim it on your personal tax return.

Ask Your Own Business Law Question
Was this answer helpful?
Ask Law Educator, Esq. Your Own Question
Law Educator, Esq.
Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Business Law
Satisfied Customers: 124,241
124,241 Satisfied Customers
Experience: All corporate law, including non-profits and charitable fraternal organizations.

Law Educator, Esq. is online now

A new question is answered every 9 seconds

How JustAnswer works:

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

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:

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem.

TonyApopka, FL

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

< Previous | Next >

Meet the Experts:

Infolawyer

Infolawyer

Attorney

1,851 satisfied customers

Experienced lawyer

Dimitry K., Esq.

Dimitry K., Esq.

Attorney

1,611 satisfied customers

Run my own successful business/contract law practice.

MShore Law

MShore Law

Attorney

1,233 satisfied customers

Drafted Negotiated and/or Reviewed Thousands of Commercial Agreements

RGMacEsq

RGMacEsq

Attorney

751 satisfied customers

Licensed Texas General Practice Attorney

Barrister

Barrister

Attorney

646 satisfied customers

17 years practicing attorney, JD, BA, MBA

Ely

Ely

Attorney

577 satisfied customers

Counselor at Law.

J.Hazelbaker

J.Hazelbaker

Attorney

393 satisfied customers

Experienced and trained in the area of business law.

< Previous | Next >

Related Business Law Questions
I am in a business partnership with my sister which is a
I am in a business partnership with my sister which is a salon an LLC. The question is one employee which is a contract employee is soliciting business for a salon my sister is opening up. Also the co… read more
Law Educator, Esq.
Law Educator, Esq.
Attorney
124,241 satisfied customers
I closed a small business (sole Proprietor) that was losing
I closed a small business (sole Proprietor) that was losing a lot of money. I am paying off all the liabialities. CAn I write this off? If so how?… read more
MequonCPA
MequonCPA
CPA Firm Owner
Master's Degree
2,165 satisfied customers
I am 1/3 owner in a partnership in Arizona. The business is
I am 1/3 owner in a partnership in Arizona. The business is an LLC registered in 2009. When first created, each of the owners used their individual names as owners. I want to change my ownership to be… read more
TaxRobin
TaxRobin
Vocational, Technical or Trade School
1 satisfied customers
How do I transfer a sole proprietor LLC to another
How do I transfer a sole proprietor LLC to another individual … read more
Attorney Wendy
Attorney Wendy
Member
Juris Doctorate
726 satisfied customers
Can a business partnership be 50/50, but with a shared
Can a business partnership be 50/50, but with a shared profit of 60/40% … read more
Roy Hadavi
Roy Hadavi
Attorney
Juris Doctorate
1,210 satisfied customers
I am a 50/50 owner in an LLC, with no partnership agreement,
I am a 50/50 owner in an LLC, with no partnership agreement, It is a solon. One partner is a stylist the other is not. She receives free booth rent at $600 a month and all her products/color for clien… read more
RGMacEsq
RGMacEsq
Attorney
Doctoral Degree
751 satisfied customers
I have a sole-proprietor LLC in Florida. All income goes to
I have a sole-proprietor LLC in Florida. All income goes to my personal 1040 taxes. Keeping that scenario in mind. Questions are: (1) Personal assets are shielded from lawsuits? (2) Could the LLC owne… read more
Attorney Wendy
Attorney Wendy
Member
Juris Doctorate
726 satisfied customers
I am a Veterinarian working as a sole proprietor. I am
I am a Veterinarian working as a sole proprietor. I am looking at forming a PLLC. Would this be the best way to go versus an LLC? I practice in Texas. I am also looking at working as a landscape desig… read more
Ray
Ray
Lawyer
Doctoral Degree
32,562 satisfied customers
I am looking to change my sole-proprietor business into a
I am looking to change my sole-proprietor business into a partnership (2 of us). We are considering making it an LLC. I know there are different types of Corps-S and C.. The business grosses about 30,… read more
Damien Bosco
Damien Bosco
Attorney
Doctoral Degree
4,483 satisfied customers
We have a small business a LLC corporation in Los Angeles
We have a small business a LLC corporation in Los Angeles California. When we hire an employee should we have them fill out an application or sign a part time employment agreement. What is the differe… read more
RGMacEsq
RGMacEsq
Attorney
Doctoral Degree
751 satisfied customers
Does an LLC business pay the new business tax rates? If not
Does an LLC business pay the new business tax rates? If not what business types could I form to pay the new rates and not my personal tax rate? How is the 20% deduction calculated?… read more
Attorney Wendy
Attorney Wendy
Member
Juris Doctorate
726 satisfied customers
If have an EIN as a sole proprietor and then I become an LLC
Hello again! Quick question: If have an EIN as a sole proprietor and then I become an LLC and choose to be taxed as an S corporation, do you know if I need to get a new EIN?… read more
TaxAttorneytoHelp
TaxAttorneytoHelp
Owner
Doctoral Degree
2,542 satisfied customers
To begin producing, the company started as sole proprietor.
To begin producing , the company started as sole proprietor. Consequently, the EIN needs to change to be designated to the LLC.How do go about converting the EIN to represent the LLC?… read more
Law Educator, Esq.
Law Educator, Esq.
Attorney
124,241 satisfied customers
Is there a rule which requires that a corporation (or LLC)
Is there a rule which requires that a corporation (or LLC) must have a lawyer in a civil case?… read more
Damien Bosco
Damien Bosco
Attorney
Doctoral Degree
4,483 satisfied customers
I am writing you about our sole proprietor family business
Hello-I am writing you about our sole proprietor family business in Virginia. We have a fine art gallery which handles only the work of our family of artists. Multi-generational. We have been in busin… read more
Ray
Ray
Lawyer
Doctoral Degree
32,562 satisfied customers
Converting my llc business to a c corporation and looking
Converting my llc business to a c corporation and looking for a lawyer to sign the paperwork … read more
Richard - Bizlaw
Richard - Bizlaw
Juris Doctor
3,756 satisfied customers
Looking to convert my business from a sole proprietor to an
Looking to convert my business from a sole proprietor to an LLC. I currently own a gift shop and as we continue to grow should I be looking at making the change over?… read more
Michael Bradley
Michael Bradley
JD
1,371 satisfied customers
Llc or s-corporation? I am a sole proprietor, mainly selling
Llc or s-corporation?I am a sole proprietor, mainly selling used merchandise online less than $100 K annually.I am considering to increase sales, and change business entity to llc or s corporation in … read more
TaxAttorneytoHelp
TaxAttorneytoHelp
Owner
Doctoral Degree
2,542 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x