Location: NEW JERSEY

My friend and I co-own a U.S. Patent that we are Interested in Selling.
On our patent, it says the name or our company, followed by 'LLC'.

We never Registered our company as an LLC;
does this matter in the way of taxes?

Also, what would we pay in taxes?
I think New Jersey is 7%?
What are the federal taxes that we'd have to pay?

I am a low income adult with disabilities, living on Social Security.
My business partner/co-inventor, owns a small business.

Thank you for any information you can provide.
Much appreciated.

mpac165