Limited Liability Companies and Tax Implications
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Limited Liability Companies and Tax Implications

























Colleen E. Harrison, Enrolled Agent and former IRS Revenue Agent
Phone:  (480) 292-7604
Website: http://www.harrisontaxresolution.com





Limited liability companies (LLC)
(If More than one Owner)



Treated as partnership for income tax purposes

Files Form 1065

 
If an entity with more than one owner was formed as an LLC under state law, it generally is treated as a partnership for federal income tax purposes and files Form 1065, U.S. Return of Partnership Income.



Single Member LLC


If one owner generally treated as a sole proprietorship  (Files Form 1040 with Schedule C)


Generally, a single-member LLC is disregarded as an entity separate from its owner and reports its income and deductions on its owner's federal income tax return. The LLC can file a Form 1120 only if it has filed Form 8832 to elect to be treated as an association taxable as a corporation. For more information about LLCs, see Pub. 3402, Taxation of Limited Liability Companies.





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