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Sole Proprietors
By Bob Poeschl, EA
IN THIS SERIES OF ARTICLES WE WILL LOOK AT THE FOLLOWING ENTITIES THAT THE IRS RECOGNIZES FOR TAX PURPOSES.
SOLE PROPRIETORS
SINGLE MEMBER LLC’S
PARTNERSHIPS
MULTIPLE INDIVIDUAL LLC’S
CORPORATIONS “C” AND “S” TYPE
TRUSTS
ESTATES
DEFINITION OF A SOLE PROPRIETOR
1. AN INDIVIDUAL OPERATING A BUSINESS. THIS COULD INCLUDE A HUSBAND AND WIFE. MARRIED COUPLES ARE NOT CONSIDERED PARTNERS AND ARE NOT TREATED AS PARTNERS UNLESS THEY ARE NOT IN A COMMUNITY PROPERTY STATE AND/OR THEY FILE MARRIED FILING SEPARATE RETURNS.
