OK, formed LLC and bought some NFA.  Members are myself, wife, and my Dad.  I have to get a federal EIN number right?  On the EIN form it asks what type of entity.  What do I put here?

8a*  Type of entity (check only one)  
                                                                                 
Estate (SSN of decedent)      
Sole Proprietor (SSN)    
                                      Plan administrator (SSN)      
Partnership              
                                               Trust (SSN of grantor)      
Corporation (enter form number to be filed)    
       National Guard   State/local government  
Personal Service   Farmers' cooperative      
         Federal government/military  
Church or church-controlled organization  
      REMIC   Indian tribal government/enterprises  
Other nonprofit organization (specify)        
      Group Exemption N0. (GEN)    
Other (specify)    


I am thinking partnership but does that change NFA status?  Do I HAVE to say corporation?



It also says this-

Complete Form SS-4 for LLCs as follows: A single-member domestic LLC that accepts the default classification (above) does not need an EIN and generally should not file Form SS-4. Generally, the LLC should use the name and EIN of its owner for all Federal tax purposes. However, the reporting and payment of employment taxes for employees of the LLC may be made using the name and EIN of either the owner or the LLC as explained in Notice 99-6. You can find Notice 99-6 on page 12 of Internal Revenue Bulletin 1999-3 at www.irs.gov/pub/irs-irbs/irb99-03.pdf. (Note: If the LLC applicant indicates in box 13 that it has employees or expects to have employees, the owner (whether an individual or other entity) of a single-member domestic LLC will also be assigned its own EIN (if it does not already have one) even if the LLC will be filing the employment tax returns.) A single-member, domestic LLC that accepts the default classification (above) and wants an EIN for filing employment tax returns (see above) or non-Federal purposes, such as a state requirement, must check the “Other” box and write “Disregarded Entity” or, when applicable, “Disregarded Entity—Sole Proprietorship” in the space provided. A multi-member, domestic LLC that accepts the default classification (above) must check the “Partnership” box. A domestic LLC that will be filing Form 8832 to elect corporate status must check the “Corporation” box and write in “Single-Member” or “Multi-Member” immediately below the “form number” entry line.

Debo

Did you not have a lawyer help you with the LLC?

Nyet.

8a* Type of entity (check only one) Estate (SSN of decedent) Sole Proprietor (SSN) Plan administrator (SSN) Partnership Trust (SSN of grantor) Corporation (enter form number to be filed)  Form #205 National Guard State/local government Personal Service Farmers' cooperative Federal government/military Church or church-controlled organization REMIC Indian tribal government/enterprises Other nonprofit organization (specify) Group Exemption N0. (GEN) Other (specify)

Since you are basicly forming your LLC where the management are the members, I'm not exactly sure what to tell you about the EIN. When I had my original back in early 90's I just used my own.

What in the world would make you think a Limited Liability CORPORATION is a partnership?  They are entirely different legal entities.  It does nothing to change your NFA status... how could it?

I was not aware you needed an EIN if you were not going to declare any income through the company.

What in the world would make you think a Limited Liability CORPORATION is a partnership? They are entirely different legal entities. It does nothing to change your NFA status... how could it?

Well in TX, and LLC stands for Limited Liability Company.  That tidbit + I don't really know =  question.  What I am gathering is that if I don't intend to make or lose any money, I don't need to file.  This goes against all the advice I have gotten thus far which is to file regardless of whether I make any money or not.

Thanks for the help,
Debo

Tag.  

I set up an LLC w/ multiple managers, and was under the assumption that since there were no paid employees, no EIN was necessary.  When the franchise tax form comes, I was told to fill it out indicating that no money was made, therefore no taxes would be due.  That form has not arrived yet.

Quoted: What in the world would make you think a Limited Liability CORPORATION is a partnership? They are entirely different legal entities. It does nothing to change your NFA status... how could it? Well in TX, and LLC stands for Limited Liability Company.  That tidbit + I don't really know =  question.  What I am gathering is that if I don't intend to make or lose any money, I don't need to file.  This goes against all the advice I have gotten thus far which is to file regardless of whether I make any money or not. Thanks for the help, Debo

As far as the franchise tax report for the Texas State Comptroller, file the short form - "NO TAX DUE". You will also need to file a PIR (Public Information Report) at the same time which is included in the tax package. If you have any questions give them a call at 1-800-252-1381. If you are in the Austin area the number is 512-463-4600.

I've never filed with IRS, never had any income to declare.

FYI, no such thing as a Limited Liability CORPORATION. There are corporations which by nature have limited liability and then there are LIMITED LIABILTY COMPANIES.

Perfect.  Thanks!!!


Debo

Here's the answer.  Don't get tax or legal advise online.

R.

One thing to remember is that when filing your initial francise tax you cannot utilize the "short form".

The initial filing has to use the full length form, after that if you have no income you can utilize the short form in subsquent years.

James
Austin, Texas

No shit I looked on my paperwork and its a company not a corp.  You file articles of incorporation for a company.  Never noticed that before... now I feel like an idiot!

Quoted: now I feel like an idiot!

Just now?