I started a new llc business, i am the sole managing member. do i need to issue myself a w-2? i did not draw a regular salary or wage, i just transferred money to myself from biz checking to personal checking.

[AmyT · Accepted solution]

Unless the LLC has made an election to be taxed as a corporation, you will not issue yourself a W-2 now or in the future.

If this is a single-member LLC, you will file the LLC's return as a schedule C on your tax return.  The draws will not be reported anywhere.

If this is a multi-member LLC, it will need to file a 1065 (partnership tax return).  Each member will then receive a K-1 that reports their share of net income (or loss).  Any draws taken will be reported on the partnership return and included on the K-1s that are issued.