Form 8832 lets an eligible entity, typically an LLC, choose how it is taxed: as a corporation, a partnership, or a disregarded entity. Without it, a single-member LLC is disregarded and a multi-member LLC is a partnership.
The election is generally effective on the date chosen, up to 75 days before filing, and cannot be changed again for five years. An LLC electing corporate status that also wants S corporation treatment files Form 2553, which covers both.
Entity classification is where most small-business tax planning starts and where a mistimed election costs a year. LLC.
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