Do I have to mention my llc on my personal taxes?

[cma1203]

I have a job, and I’m a sole proprietorship as a make up artist. My friend and I are opening an llc to do retail. No employees, just us selling clothing. I mention my

job and the sole proprietorship on my personal taxes.  Do I have to mention the llc too on my personal taxes?

[VolvoGirl]

You should get a W2 or K-1 from the LLC tax return to enter into your personal return.  Ask the accountant who is doing the LLC tax return.   If you don't have one, get one.  You need an accountant the first couple years to set it up right.

[Mike9241]

My friend and I are opening an llc to do retail. No employees, just us selling clothing.

if it wasn't opened in 2020 then there's nothing to report on your 2020 return. if it commenced business (seeking customers, making sales)  activities in 2020 a partnership return was required to be filed by 3/15/2021 and your share of the profit or loss needed to be reported on your 2020 personal return. if business commenced in 2021, then your share of the profit or loss will need to be reported on your 2021 personal return and thereafter.  seek professional help to get educated on record keeping, tax and other requirements. for example, if it is making retail sales, there probably is a requirement to register with the state and to collect and remit sales taxes. every state is different so there could be additional reporting requirements. 

[Opus 17]

An LLC with more than one partner (who are not married) MUST file a form 1065 partnership tax return.  This is different from your personal tax return, the due date is March 15 each spring instead of April 15, and the penalty for late filing is $195 per month per owner.

As part of preparing the form 1065, a K-1 statement will be generated for each partner, which lists the income and expenses to be passed through to the owner.  You report the K-1 on your personal tax return along with your other income (W-2, schedule C for sole prop., or anything else you have going.)