Medinah Minerals (MDMN)

[Money_For_Nothing]

An LLC is a state designation and not a federally recognized entity. Each state has separate rules that govern the legal aspects of an LLC, including reporting and taxation for state purposes.

For federal purposes, the government prescribes that an LLC is taxed by default as a partnership under the IRC that governs such, however, an LLC can elect in writing to be treated as a corporation if it chooses (and thus can elect sub-s treatment if the ownership requirements are met for sub-s corps).

For federal purposes, a single member LLC is disregarded for federal tax purposes unless the corporate election is made for the reason you sight. ie you can't have a partnership with only one partner, so if not a corporation then by default it is a sole proprietorship.

Because an LLC is a state designation, reporting of the ownership varies by state.

Had the time, thought I would throw my knowledge in if it helps. I know you did not ask for it.