Taxes and Legalities
For federal income tax purposes an LLC is by default treated by the IRS as either a sole proprietorship (single member) or a partnership (at least two members). It will automatically be classified as a corporation if it is formed under a federal or state statute or is referred to as incorporated or as a corporation. An LLC that is not automatically classified as a corporation can file IRS Form 8832 (www.irs.gov/pub/irs-pdf/f8832.pdf 
) to elect this classification for income tax purposes. If electing to be classified as a corporation, an LLC will be treated as a C corporation unless an additional election is filed to be treated as an S corporation. To be recognized by the IRS as an S corporation, a business must file IRS Form 2553 (www.irs.gov/pub/irs-pdf/f2553.pdf ) within 75 days of the formation of the corporation.
Missouri income taxes of LLCs will follow the treatment used by the IRS. But regardless of which approach the LLC takes for tax purposes, the company remains an LLC for all other legal purposes under Missouri law. Upon termination of the business an LLC will be handled for income tax purposes in the same manner it was classified for the IRS during its operation. For all other purposes an LLC's termination is generally handled similarly to the termination of a partnership business.
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