eligible entity, such as a domestic limited liability company (LLC) with
a single owner (SMLLC), is automatically treated as "disregarded as an entity separate from its
owner," it may elect ... Form 8832 to be taxed as a corporation. If an SMLLC does not elect to
be treated as a corporation, the check-the-box regulations treat its activities ... owner."14 Thus, except where an
exception or modification exists, a non-electing SMLLC is generally ignored for federal tax
purposes.
Qualified Subchapter S Subsidiary Rules.
A very common form