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Business Taxation Explained  
LLC Taxation Tutorial  
The "Single Member" (Disregarded) LLC  
Under Treasury Reg. 301.7701-3 the default "tax status" of a single member LLC is: "Disregarded as an entity separate from its owner". This single member LLC would be completely disregarded for tax purposes and the member of the LLC would be expected to report the income/expenses on his/her own tax return. This eliminates any requirement for the LLC to file a tax return at all. An individual operating a LLC in this manner would have all the privacy and protection of operating an LLC, but for tax purposes would simply file a personal tax return. (Also applies to a married couple living in a community property state).

This situation also creates opportunities for Corporations and LLC's to create a "subsidary" and operate a "new line of business" under a "separate legal entity" and under a "different name" without the requirement for complicated tax filings: Again all the income/expenses would be reported on the tax return of the "parent company".

The "Disregarded Entity" also creates opportunities for protecting a personal residence. One of the major concerns people have is how to protect their home in the event of a lawsuit. Many times the fear of losing your home, is enough to force a legal settlement even if the lawsuit has no merit or is not even legitimate.

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