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Hello, Fools! I understand that a single member LLC will automatically be classified as a sole proprietor in terms of a taxable entity by the IRS unless the LLC explicitly elects to be taxed as a corporation. This would mean that all LLC income would pass through to the owner on the 1040 tax form, correct? If this is so, does the LLC need its own tax identification number? Or is the owner's TIN used in all cases?
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