IRS Forms Used by LLCs
The following forms used by limited liability companies are provided by the Internal Revenue Service on its website:
- IRS’ Online Application for a Federal Employer Identification Number – This is the best and easiest way to obtain a federal EIN for your company. You go on the IRS’ website and answer a series of questions and after a 5 – 10 minute data entry session the IRS will display your company’s new EIN on the screen. Be sure to print the screen or write down the federal employer id number and put it in a safe place before you exit the screen that displays the EIN.
- Entity Classification Election: IRS Form 8832 (with instruction) – Complete and file this form with the IRS if your LLC’s tax advisor recommends that the LLC elect to be taxed as a C corporation under Subchapter C of the Internal Revenue Code.
- Election by a Small Business Corporation: IRS Form 2553 – Complete and file this form with the IRS if your LLC’s tax advisor recommends that the LLC elect to be taxed as an S corporation under Subchapter S of the Internal Revenue Code. All owners of the company and their spouses must sign the Form 2553. There is a time deadline by which the form must be filed and limits on the number and type of owners. If any owner is a company or a non-U.S. citizen, the company is not eligible to be taxed as an S corporation.
- IRS Publication 541 (Partnerships)