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userbhavtechllc
Level 1

What to select for "Company Type" for payroll setup. Company is LLC elected as "S Corp". Is it Limited Liability Company or Limited Liability Corporation or Corporation

 
4 Comments 4
JamesDuanT
Moderator

What to select for "Company Type" for payroll setup. Company is LLC elected as "S Corp". Is it Limited Liability Company or Limited Liability Corporation or Corporation

Setting up your company type properly for payroll is important, userbhavtechllc.

 

We won't be able to decide what is the correct company type for you and your business. Hence, it would be best to consult an accounting professional about this. You can also find one using this link: https://quickbooks.intuit.com/find-an-accountant/.

 

In the old Payroll Settings interface, we can select Other if the Company Type is not Sole Proprietor nor 501c3. In the new Payroll Settings interface, we'd recommend contacting our Payroll Support Team. They can guide with what is the correct company type that fits for your business: Contact Payroll Support.

 

We'll be right here if you have additional queries regarding the payroll settings.

Brazen
Level 1

What to select for "Company Type" for payroll setup. Company is LLC elected as "S Corp". Is it Limited Liability Company or Limited Liability Corporation or Corporation

I'm an accountant and I can not answer this questions.  These seem like Intuit made-up categorizes that don't match actual tax types.  Is an LLC Corp the same as an S-Corporation?

DivinaMercy_N
Moderator

What to select for "Company Type" for payroll setup. Company is LLC elected as "S Corp". Is it Limited Liability Company or Limited Liability Corporation or Corporation

Thanks for joining this conversation, @Brazen.

 

I'd be happy to share some info about LLC and S corporation. LLC corporation required to have an operating agreement signed by each member and kept at the principal place of the business. This business type only needs an annual report, which has to be filed yearly with the state (if the state requires it). While in the S corporation, taxes pass through to the business owner’s income tax. The owner then files and pays taxes once for themselves and the business. 

 

For more info, please see this article: LLC or S Corporation: Which Is Best for Your Small Business?

 

Also, to select the correct company type when setting up your payroll in QuickBooks Online (QBO), I suggest reaching out to other accounting professionals. To look for one, you can use our Find an Accountant tool

 

Then, to further assist you with the setup, you can contact our Payroll support team. This way, we can ensure you have the correct payroll setup

 

Lastly, to look for sources and articles that you can bookmark for future use, please visit our QuickBooks Help page. Simply, enter a keyword of your concern on the search box or select any of the categories displayed.

 

If you have further questions about business types in QBO, please post a response below. I am always available to help in case you need it. Take care. 

Brazen
Level 1

What to select for "Company Type" for payroll setup. Company is LLC elected as "S Corp". Is it Limited Liability Company or Limited Liability Corporation or Corporation

Thank you for your response.  That information was not helpful, but what was helpful was identifying that the classifications that Intuit is looking for on these Business Types is the entity type on the state level.  Looking at the Secretary of States classification in the state the business was created dictates which business type to choose.  To clarify, it appears Intuit is looking for the business type on the state level, not the federal level.

 

 

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