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lex71037
New Member

If me and my wife are the only members in our multi-member LLC can we file it as a disregarded entity? Do we have to file as a partnership?

 
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rjs
Level 15
Level 15

If me and my wife are the only members in our multi-member LLC can we file it as a disregarded entity? Do we have to file as a partnership?

It depends on what state you live in.


If you do not live in a community property state, the multi-member LLC has to be treated as a partnership. The LLC has to file a partnership tax return, Form 1065, separate from your personal Form 1040 tax return.


If you and your wife are the only members of the LLC, and you live in a community property state, you can choose to treat the LLC as either a disregarded entity or a partnership. To treat it as a disregarded entity, you must both hold your interests in the LLC as community property. If you choose to treat it as a disregarded entity you and your wife would each file a Schedule C for your respective shares of the business income and expenses.


The community property states are Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin.

 

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