When you say "disregarded" entities does that mean banks look at LLC`s the same way? I was under the impression that I could establish a business entity that would be "seperate"-- financially-- from myself. (ie. seperate credit, liability, etc...)
For most everything else, an LLC is a separate thing from its owner.
Even if the LLC you are forming is not an SMLLC, your (Federal) tax situation won`t be changing. (Unless of course, you elect to be taxed as an S or C Corp, but I see no indication from the Original Poster of that intent.)
If you, at the moment, have one owner, you`ll continue to be taxed as a sole proprietorship. If you, at the moment, have multiple owners, you`ll continue to be taxed as a partnership.
(I think it`s generally safe to assume that somebody who is already incorporated wouldn`t be forming an LLC, and as such, they are either an SP or a partnership at the moment.)