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Old 03-21-2014, 11:21 AM
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LLC report on Schedule C?

I have started an LLC last year, I don’t have any partner, everything is on my name. I’m trying to figure out what do I need regarding the tax forms. It will be incorrect if I just use the Schedule C to report my income or I really need the 1065? I was told that for an LLC with no partners it’s ok to use Schedule C. Appreciate any advice.



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Old 03-22-2014, 04:50 PM
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Quote:
Originally Posted by suwen View Post
I have started an LLC last year, I don’t have any partner, everything is on my name. I’m trying to figure out what do I need regarding the tax forms. It will be incorrect if I just use the Schedule C to report my income or I really need the 1065? I was told that for an LLC with no partners it’s ok to use Schedule C. Appreciate any advice.
it depends aslongas your llc single member llc you must file sch C/ Sch SE NOT 1065; if th elLC is MMLLC , a partnership, then you need to file form 1065 and Sch SE . When the LLC has more than one member, the LLC must be treated as either a corporation, corp with form 1120S/ C corp as form 1120 ,If you file an IRS form 8832, you can elect to be a corporation and file a form 1120/1120S.or, the more common option, a partnership. IRS Form 8832 is used to make this classification.



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