Creating an EIN For a LLC

[NamesCody]

I was in the process of getting an EIN for an LLC via the IRS website and it says that I have to choose either a partnership or an S-Corp, We choose to do an LLC to protect our personal assets, with a partnership our personal assets aren't protected but we are only 2 people and plan on keeping it that way for the first 6 months-year. Also with an S-Corp aren't you double taxed?

[BusinessAdviser]

I would have to go back and look at what we did in order to help you there, but I CAN tell you that, unless you elect otherwise, an S-Corp is not generally subject to the double taxation that a C-Corp is.

[GuyBBY]

Cody,

You would choose Partnership. With an LLC you have the option to be taxed as a passthrough entity or a corporation. Chosing pass through means you will simply claim all income, gain/loss, through your personal filings every year with a 1065 form.

Best

G