Company Type

[Troese]

Is there a way to add a Type of Company that is not on the list?  Under the Company Setup Wizard on the "Type of Company" drop down list there are: Individual, Corporation, S-Corporation, Partnership, Fiduciary, Non-Profit, Benefit Plan and Other.  Is there a way to add in LLC, Partnership LLC and Sole-Proprietorship?

[nickeypoo72]

I believe company type references back to the type of tax return the entity files.  So if they file 1120 will be corporation, 1120S will be S Corp, 1065 will be partnership, Schedule C will be Individual, etc.

[qbteachmt]

"LLC" and its variations (LLP, PLLP) is a State organizing designation. If you have one member, that's Individual. If you have more than one, that's either a Partnership (Form 1065) or they may have elected to be treated as an S Corp (Form 1120-s), so, you have to ask the client. Sole Proprietorship means Individual. Both single-member LLC/LLP and Sole Proprietorship are the same for functional and tax purposes = they are the Schedule C of Form 1040 filing entity and both require an EIN if there are employees and the single owner cannot be their own employee or on payroll. It seems you have what you need.