An LLC’s flexibility carries over to its options for taxation. By default, an LLC with one owner is not taxed separately (income, costs, expenses, profits, and losses are reported on the single owner’s personal tax return). An LLC with multiple owners is taxed like a general partnership by default. When you form an LLC with your state and obtain an Employer Identification Number (EIN) from the IRS, you may also then file a ‘Check the Box’ election. This will give the LLC an option to be taxed as a C-Corporation or an S-Corporation. The election is made by properly completing and filing IRS Form 8832. Once accepted, your LLC will be taxed according to your choice on that form. Since this will have tax consequences, it is highly recommended that you speak with a Certified Public Accountant or a Tax Attorney before you do this.