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EIN Designation: Partnership or Sole Proprietor?
APEMAN
subscriber Posts: 2
My wife and I recently formed an LLC for a consulting business. While applying for an EIN from the IRS, we are asked "if we would like to be considered a Sole Proprietorship or a partnership from a federal tax standpoint?"
What`s better and what are the Pros/Cons of each? If we go the sole proprietor route, will it have any implications on our ability to pursue minority/women owned set asides in non-governement entities?
What`s better and what are the Pros/Cons of each? If we go the sole proprietor route, will it have any implications on our ability to pursue minority/women owned set asides in non-governement entities?
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