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- Feb 28, 2017
Thanks again for your help. I think I'm going to efile online myself ($85 vs. $500 with the lawfirm I spoke with). It's going to be a single-member LLC and then I can file for an EIN after.The default for a single-member LLC is a disregarded entity, so it would just show up on your Schedule C. You would need to elect to be treated as an S Corp.
Technically, if you want to be an S Corp, you have to elect within 2.5 months of entity formation (or year-end for the subsequent year), but the IRS has historically been extremely lenient on late elections.
The law firm recommended that I get quickbooks too for accounting purposes. I'm currently just using freshbooks for invoicing and I've been using google sheets to track any relevant expenses/revenue. Do you think I need a system like quickbooks with what I'm doing?
I'll also be sure to open a business bank account in the company's name after I get an EIN and after I efile.
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