Under the check-the-box Regulations, a two-owner LLC that fails to elect to be to treated as a corporation will be taxed as a sole proprietorship.

Name: Under the check-the-box Regulations, a two-owner LLC that fails to elect to be to treated as a corporation will be taxed as a sole proprietorship.
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A two-owner LLC that fails to elect to be treated as a corporation will be taxed as a partnership, not a sole proprietorship. Sole proprietorship tax treatment is for single-member LLCs.

Under the Check-The-Box Regulations, a Two-Owner LLC That Fails to Elect