Filings requirement for sole proprieter who owns a separate LLC

[R. Butler]

Sam adopts a profit sharing plan for his sole proprietership. The sole proprietership does not have any employees. The plan has less than $100,000 in assets. Sam also owns an LLC that does not have employees & does not adopt the plan. My understanding is that since we have a group under common control a 5500 must be filed. I do not see any exception merely because the LLC doesn't participate.

Anybody disagree? I just want to make sure I am not missing something.

[Guest anagpal]

For soel proprieter we need to file Form 5500 EZ.

[R. Butler]

I'm pretty sure that is not correct. If he has to file at all he files the 5500 because the common control group.

I'm also pretty sure does have to file just was hoping that maybe I was missing something.

[Bird]

R Butler, I agree that the instructions say that you must file a 5500.

I'm not sure that anyone, even the IRS, would care, if by some bizarre set of circumstances this defect came to light, but that is in fact the rule.

[No Name]

I estabished an LLC and plan to file my taxes via a Schedule C. I don't see myself as two entities; ie self employed and LLC. Surely, my tax filing status and my legal status are distinct. I'm doing business as an LLC for legal reasons, but am a sole-proprietor for tax status. Only one person in this seat!

[R. Butler]

I estabished an LLC and plan to file my taxes via a Schedule C. I don't see myself as two entities; ie self employed and LLC. Surely, my tax filing status and my legal status are distinct. I'm doing business as an LLC for legal reasons, but am a sole-proprietor for tax status. Only one person in this seat!

Unless I am missing what you are describing is different from my situation. There are 2 distinct businesses. Sam operates one as a sole proprieter & one as an LLC. I am assuming that you are describing one business, an LLC taxed as a sole proprieter.