LLC question

We are creating a new LLC in FL. We have a simple Family revocable trust.

Our attorneys says the LLC should be in the name of the Trust to avoid probate. My husband and I are the only 2 trustees of this trust.

Questions: FL State LLC Application

  1. in the FL State LLC Form, should the AMBR be the Trust name?
  2. and should we add in paranthesis our names as trustees?
  3. is this considered a single member LLC?

IRS EIN number

  1. When filing with the IRS for a Tax EIN number, should we select the LLC as a single member LLC?
Reply to
Sally
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The AMBR (authorized member) should be an actual person.

Not on the Articles of Organization.

That depends. The IRS does not recognize LLCs for tax purposes. As a result you have to elect that your LLC be taxed as a business entity that the IRS does recognize - S-corporation, C-corporation or proprietorship/partnership. A revocable trust is usually not recognized for tax purposes either. So in part at least it will depend on how you elect your LLC to be taxed.

If it's to be taxed as a proprietorship (one member), that person's Social Security Number may be used. That's actually what the IRS prefers, though you can get an EIN for it.

You should really talk to a local tax preparation professional (CPA or Enrolled Agent), because this is at least a bit more involved than you realize.

Reply to
Stuart O. Bronstein

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