California corp.

"Rob Thomas" wrote in message
...
Single entity LLC's (one director, me) are treated *exactly* like sole
proprietorships by the IRS. However, they are still afforded the same
legal
protections as a C-Corporation. It *used* to be that LLC's were treated
as
partnerships, or the LLC could elect to be treated as a C-Corp for tax
purposes. Those regulations changed a few years ago.

I file a 1040, along with a Schedule C (profit/loss from business) just as
any other sole proprietorship would.

Just a side note, all of my income is produced through my LLC, so it's not
just a holding company for an aircraft. I know some people set them up
that
way, but just wanted to point out that mine is not setup that way.


Thanks for the clear response. BTW, do you use your
aircraft for business or do you just use your LLC to hold
title?

I've been advised *not* to mix my aircraft (which is used
very occasionally for business) with the corporation. My
CPA says it attracts attention from the IRS. Not that I'd
be worried about the attention per se, but of course the
costs involved in even a successful audit are time, effort,
and paperwork frustration.

Did the FAA require further info on the LLC to register
your plane? Like proof of LLC ownership, conditions
for ownership transfer etc? I had the devils own trouble
attempting to register the plane to a revocable living
trust & finally gave up on the buggers and reregistered
in my own name.