What do I choose as my business type while creating a business?
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Last modified 9/15/2020 3:37:27 AM EST
Form 2290 requires you to provide certain information about your business like EIN, business type, signing authority information, business name, and address.
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 on a 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.
If you have any questions regarding your heavy highway use tax or the Form 2290 filing process ExpressTruckTax is available with 100% US-based support by phone, email, and live chat. We also offer bilingual support in both English and Spanish.