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What is an LLC Entity Classification?

I don’t understand what an LLC entity classification is and how to get it? NS When you file an LLC you can choose to elect how your new business will be classified for tax purposes.  If your LLC has two or more members you can choose to be classified as either a corporation or a partnership.  If you are the only member of your LLC you can choose to be classified as a corporation or sole proprietorship.  You must file Form 8832 to elect your LLC’s classification.  If you do not file the form, your LLC will be classified, under the IRS default rules. The default rules provide that if your LLC has two or more members it will automatically default to a partnership. If you are the only member of your LLC it will automatically default to the classification of disregarded entity. The disregarded entity files as a sole proprietorship tax form.

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We wish everyone in America had the means to obtain the knowledge that Attorney Lee Phillips is attempting to impart in the Accumulation and Preservation of Wealth course. We are thankful that there is a legal system that is designed to protect people’s assets, no matter how little or how much.
~ Ed, Dallas Texas