IRS Enrolled Agent Exam Prep - Part 2 | 55 Questions with 100% Correct Answers | Updated & Verified

Which form of business entity is not a legal entity separate and apart from its owner? A. Corporation B. Partnership C. Sole proprietorship D. S corporation - C Under which circumstance is an entity required to apply for a new employer identification number? A. Proprietorship that incorporates B. Business name change C. Electing or revoking S corp status D. 50% change of interest in partnership within 12 months. - A LLC's may be an attractive small business alternative as opposed to an S corp because LLC's offer the following advantage(s) not available in S corps: A. Inclusion of entity-level liabilities in tax basis B. Pass-through taxation C. Flexibility in types of owners and ownership interest D. Both inclusion of entity-level liabilities in tax basis and flexibility in types of owners and ownership interests. - D A domestic LLC with at least two members that does not file Form 8832, Entity Classification Election, is classified as