When you start to e-file form 2290, you have to enter the business details, including business type. To help you choose the appropriate business type, we have listed the available business types.
Here is a brief description of each business type.
Sole Proprietor or Single Member-LLC - Businesses with a single owner can choose this as their business type.
S-Corporation or LLC as an S-Corp - Any standard corporation or business is considered as an S-Corporation.
C-Corporation or LLC as a C-Corp - Any default corporations or businesses that have some tax advantages with the IRS is considered as a C-Corporation. It is basically an S-Corporation with special tax status.
Partnerships or LLC as a partnership - Limited Liability Companies (LLC) with two or more owners can be considered as a partnership. Partnerships are different from the LLCs because the partners are liable to any debts in the business, unlike the usual LLCs.
Estates - Estates are considered as properties of people, businesses in small scale that consider themselves as Estates can choose this as their business type.
Trusts and Fiduciaries - Trusts that are required to file Form 2290 can choose this as their business type.
Exempt Organizations - Any organizations exempted from paying federal taxes by the IRS can be considered exempt organizations.
Others or Not Sure - If your business doesn't fit into any of the categories mentioned above, you can choose this as your business type.