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disregarded entity

Romanian translation: societate unipersonală

GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
English term or phrase:disregarded entity
Romanian translation:societate unipersonală
Entered by: Veronica Lupascu

18:07 Aug 16, 2011
    The asker opted for community grading. The question was closed on 2011-08-20 12:54:13 based on peer agreement (or, if there were too few peer comments, asker preference.)


English to Romanian translations [PRO]
Bus/Financial - Law (general)
English term or phrase: disregarded entity
Busisness name/disregarded entity name, if different from above - USA form W-9 - IRS
Anca Iancovescu Rudeanu
Local time: 15:02
societate unipersonală
Explanation:
For U.S. Federal income tax purposes, LLCs are treated by default as a pass-through entity.[2] If there is only one member in the company, the LLC is treated as a "disregarded entity" for tax purposes, and an individual owner would report the LLC's income on his or her individual tax return. For LLCs with multiple members, the LLC is treated as a partnership and must file the IRS Form 1065. The members of the LLC would be treated as partners and each would receive a K-1 reporting the share of the LLC's income or loss to be reported on that member's tax return.
http://en.wikipedia.org/wiki/Limited_liability_company

For federal tax purposes, the Internal Revenue Service has separate entity classification rules. Under the rules, an entity may be classified as a corporation, a partnership or disregarded entity, and a corporation may be either an S corporation or a C corporation.
http://www.formacompany.com/en/company-names/company-structu...

Selected response from:

Veronica Lupascu
Netherlands
Local time: 14:02
Grading comment
Multumesc.
4 KudoZ points were awarded for this answer



Summary of answers provided
3 +4societate unipersonală
Veronica Lupascu
Summary of reference entries provided
Disregarded entity
Veronica Lupascu

Discussion entries: 2





  

Answers


2 hrs   confidence: Answerer confidence 3/5Answerer confidence 3/5 peer agreement (net): +4
societate unipersonală


Explanation:
For U.S. Federal income tax purposes, LLCs are treated by default as a pass-through entity.[2] If there is only one member in the company, the LLC is treated as a "disregarded entity" for tax purposes, and an individual owner would report the LLC's income on his or her individual tax return. For LLCs with multiple members, the LLC is treated as a partnership and must file the IRS Form 1065. The members of the LLC would be treated as partners and each would receive a K-1 reporting the share of the LLC's income or loss to be reported on that member's tax return.
http://en.wikipedia.org/wiki/Limited_liability_company

For federal tax purposes, the Internal Revenue Service has separate entity classification rules. Under the rules, an entity may be classified as a corporation, a partnership or disregarded entity, and a corporation may be either an S corporation or a C corporation.
http://www.formacompany.com/en/company-names/company-structu...



Veronica Lupascu
Netherlands
Local time: 14:02
Native speaker of: Native in RomanianRomanian
PRO pts in category: 36
Grading comment
Multumesc.

Peer comments on this answer (and responses from the answerer)
agree  Liviu-Lee Roth
5 hrs
  -> Mulţumesc
agree  RODICA CIOBANU
10 hrs
  -> Mulţumesc
agree  Eliza Palmeri
10 hrs
agree  Iosif JUHASZ
2 days 19 hrs
Login to enter a peer comment (or grade)




Reference comments


2 hrs
Reference: Disregarded entity

Reference information:
A disregarded entity is a business entity that is separate from its owner but which chooses to be disregarded as separate from the business owner for federal tax purposes. The IRS says,

"If a “disregarded entity” is owned by an individual, it is treated as a sole proprietor. If the “disregarded entity” is owned any any other entity, it is treated as a branch or division of its owner."
A sole proprietorship is not a disregarded entity, because the business is not separate from the owner.

Liability Issues for a Disregarded Entity
A disregarded entity is considered the same entity as the owner for tax purposes, but not for liability purposes. For more information on this subject, read this article in which attorney Robert Warwick discusses disregarded entity tax and liability issues.

Examples:
A single-member LLC may decide to use the "disregarded entity" designation when the LLC files its Application for Empoloyer Identification Number (EIN) on Form SS-4. .


    Reference: http://biztaxlaw.about.com/od/glossaryd/g/disregardentity.ht...
Veronica Lupascu
Netherlands
Native speaker of: Native in RomanianRomanian
PRO pts in category: 36
Login to enter a peer comment (or grade)



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