In some circumstances, a company can elect to be treated different
from the entity type for tax purposes. For example, an LLC can
elect to be taxed as a corporation.
Corp: taxed as a corporation, the default for C Corps
S Corp: election using IRS Form 2553
Partnership: taxed as a partnership, the default for LPs
Disregarded: taxes pass through to the members, default for LLCs
Tax Exempt: an entity that is recognized by the IRS as being exempt from paying federal income taxes on its earnings