Changing business structure

I have a small business I run from home which I have just changed from a sole proprietorship to an LLC. Do I need to create a new company in Quickbooks, or change the existing one, or just continue using the existing one as is?

Thanks, Ed B.

Reply to
Ed B.
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Yes. YOu will need to start a new QB file. AND get yourself a CPA. They can best advise you how to proceed.

Stephanie

Reply to
S.M.Serba

If you are the only member of the LLC, you don't need to create a new company. You file your taxes just like you have in the past. A SMLLC is ignored for tax purposes unless you elect otherwise.

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Reply to
Karl Irvin

Yes, I'm the only member of the LLC. Thanks for the info.

Ed

Reply to
Ed B.

Now all you have to is cross your fingers and prey that the poster gave you the correct answer instead of simply the one you were hoping for.

Reply to
Allan Martin

You dont have to pray! Karl was right. A single-member LLC is considered a "disregarded entity" for tax purposes, hence can be accounted for as a sole proprietorship. Anybody can call IRS to find this out for him/herself.

Reply to
J.Smith

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