What do I choose as my business type while creating a business?
72 views | Last modified 7/20/2020 8:38:51 AM EST

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.

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