Just Filed for an EIN for my LLC... should i file form 8832?

[Isaiah Williams]

so I just recently filed for my LLC and Ein. After I received my employee identification number, I was told that if I want to, I have the option of filing form 8832 "Entity Classification Election" and elect to be classified as an organization taxable as a corporation. It also states that if my LLC meets the qualifications for an S corporation I can file form 2553 "Election by a Small Business Corporation." If I don't file either one of these, than my LLC will be taxed as a default sole proprietorship. My question this: What is a file 8832 or file 2553? What exactly does it do to my LLC and what are the differences as far as taxes between a sole proprietorship, a corporation, and a small business corporation? I am really struggling trying to comprehend exactly what it all means, so any input or advice you have would be EXTREMELY appreciated. thanks in advance!!! By the way, not sure if this information helps,but I'm the only member in my LLC, and I do not currently own any properties or investments with it. I also am in Columbus Ohio.

[Michael Plaks]

Finally, I found a chance to disagree (kind of) with @Brian Schmelzlen :)  Usually I just nod and vote for his answer.

@Isaiah Williams and @Reid Hanley - my advice is to never decide on either kind of corporation, C or S, until your business is established. You don't know what will be best for your business until you see what kinds of deals you're working and what kind of numbers you're generating. Jumping the gun and choosing the wrong entity can backfire.

So keep it simple and stick to the default choice: sole proprietorship. You might change it later if warranted.

Reid - even though yours defaulted to the partnership, you will most likely be filing it as a disregarded entity / sole proprietorship anyway, i.e. no separate tax return. The best thing is of course to discuss it with your accountant.