By default, the IRS will treat a single-member limited liability company (SMLLC) as what it calls a disregarded entity. This means that the IRS will not look at an SMLLC as an entity separate from its single owner for the purpose of filing tax returns.

What is the deadline for filing taxes in New York?

May 17
The deadline to file federal and New York income tax returns has been extended from April 15 to May 17, but it’s still likely many New Yorkers will need additional time to file tax returns for 2020. 2020 was a year of firsts for many in New York’s labor force.

What does disregarded for tax purposes mean?

A disregarded entity is a business with a single owner that is not separate from the owner for federal income tax purposes. This means taxes owed by this type of business are paid as part of the owner’s income tax return.

What do you need to know about forming a SMLLC?

To form a SMLLC, you submit your articles of incorporation and the required fees to your secretary of state’s office. The process is similar to what’s required for LLCs. Check your secretary of state’s office to see if there are any additional requirements. An LLC provides the same protection as a corporation against creditors of the business.

What’s the difference between a LLC and a SMLLC?

A single-member limited liability company (“SMLLC”) is a business entity similar to a limited liability company (“LLC”), except that a SMLLC only has one member. SMLLC’S are popular because they allow a single owner business to be treated like an LLC.

When is SMLLC considered a division of a partnership?

If the SMLLC is disregarded and the single member is a corporation, including an S corporation, the SMLLC will be considered a division of the corporation for New York tax purposes. If the SMLLC is disregarded and the single member is a partnership, the SMLLC will be considered a division of the partnership.

How to form a limited liability company in New York?

How Do I Form a Limited Liability Company? Organizers form an LLC by filing the Articles of Organization, pursuant to Section 203 of the Limited Liability Company Law, with the Department of State. Organizers prepare, sign and file the Articles of Organization that creates the LLC.