LLCs can file Form 8832, Entity Classification Election to elect their business entity classification. Generally, LLCs are not automatically included in this list, and are therefore not required to be treated as corporations. Certain foreign entities (see Form 8832 instructions).A business entity taxable as a corporation under a provision of the code other than section 7701(a)(3).A business entity wholly owned by a state or political subdivision thereof, or a business entity wholly owned by a foreign government or other entity described in Regulations section 1.892.2-T.A state-chartered business entity conducting banking activities if any of its deposits are insured by the FDIC.A business entity formed under a Federal or State statute if the statute describes or refers to the entity as a joint stock association.An Association under Regulations section 301.7701-3.A business entity formed under a Federal or State statute or under a statute of a federally recognized Indian tribe if the statute describes or refers to the entity as incorporated or as a corporation, body corporate or body politic.

The Entity Classification rules classify certain business entities as Corporations: However, for purposes of employment tax and certain excise taxes, an LLC with only one member is still considered a separate entity. For income tax purposes, an LLC with only one member is treated as an entity disregarded as separate from its owner, unless it files Form 8832 and elects to be treated as a corporation. A domestic LLC with at least two members is classified as a partnership for federal income tax purposes unless it files Form 8832 and elects to be treated as a corporation. Depending on elections made by the LLC and the number of members, the IRS will treat an LLC either as a corporation, partnership, or as part of the owner’s tax return (a disregarded entity). A Limited Liability Company (LLC) is an entity created by state statute.

Why would you receive a 1065 tax form