What is the entity type I need to select for Federal Tax Id for my new business?

Question

I am trying to open a new LLC with myself as a sole proprietary ownership. I need to get Federal Tax ID. What is the entity type I need to select so that I get maximum tax benefits?

Here is the application form from IRS web site. Please take a look at question 8a.

https://sa1.www4.irs.gov/sa_vign/newFormSS4.do

Answer 1

I actually had this question a few months ago. You need to do a sole proprietor. The company is in your name only. From there you can file to become a Limited Liability Company (LLC). Other than that, I'd say that you have to look into the the options you have because I don't know what you have in mind for a company or what the company plans to do. Hope this helps.