Welcome to Compliance Dos & Don’ts, where experts share their licensing and compliance knowledge. Today, Insurance Licensing Services of America (ILSA)’s Supervisor for Annual Returns & Corporate Tax Filings, Tameika Johnson shares her dos and don’ts for disregarded entities. Her secret for success: Do your research before you register your business entity with a Secretary of State’s Office. Your filings status will impact whether, when, and how much your business needs to pay in corporate taxes.
And if you only learn one thing from this podcast, let it be this: Don’t assume that because you are a disregarded entity that you don’t need to file a state tax return!
Remember, also, there are many factors that go into determining an entity’s taxable status. In today’s podcast, we’re discussing ONLY single-member limited liability companies (SMLLCs) that are not owned by a C corporation.