New LLC. Am I S corp or C corp?

[badatusernames]

@cjthebaptist The bank doesn’t need to know right now, you make an election to file as either Sole Proprietor or S-Corp with the IRS at tax time (actually you need to file a form 2553 with the IRS within two months if you intend to file as S-Corp).

Edit: C-Corp is a filing if you have multiple owners/partners/shareholders but that doesn’t seem the case.

 

[cjthebaptist]

@badatusernames Nope it’s just me!

 

[marshill7474]

@cjthebaptist Llc for now. But once you start making over 80k year in draws, you might consider becoming an S-Corp.

 

[jaredsa]

@cjthebaptist You'd be surprised how often people miss use terms.

While you're definitely default to a sole proprietorship and that's usually the option/label on formal bank applications, a sole proprietorship files a Schedule C which can't be confused with C Corp by people not used to using the terminology