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.
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.
Yes. YOu will need to start a new QB file. AND get yourself a CPA. They can best advise you how to proceed.
Stephanie
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.
>Yes, I'm the only member of the LLC. Thanks for the info.
Ed
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.
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.
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