Starting a Business filed llc but ein defaults to partnership

[thebea]

Jurisdiction

Texas

We have filed for our llc through the secretary of state. When we go to do our ein, it defaults to partnership (there are 2 of us). We want to make sure that if we file our ein as partnership, we won't be putting ourselves into a legal position of being both personally responsible for the business. We formed as an llc to avoid this...we have searched all over to find out if the ein is only for tax purposes or also includes liability, but haven't found the answer...

 

[adjusterjack]

A two member LLC is a partnership for federal income tax purposes. At the end of the year the LLC will have to file a partnership tax return and issue K-1s to each member so they can pay their of taxes.

Better talk to a tax pro ASAP so you can prepare your record keeping and pay quarterly estimated tax if necessary.