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Owner's Draw from an LLC

I am a W2 employee but I set up an LLC for doing moonlighting within my field of work (anesthesia).  The LLC has been used scarcely (twice) and I am the sole owner of the LLC.  I have transferred those monies from the LLC account to my personal account (I guess that would be considered an owner's draw?).  

 

Now that it is tax season, I don't know what type of reporting I need to do from the LLC itself.  From what I have read, don’t have to issue myself a 1099NEC - is this correct? If so, do I do ANYTHING for the LLC?

 

Thanks

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1 Reply
M-MTax
Level 15

Owner's Draw from an LLC

Nothing, since single-member LLCs are treated as disregarded entities for federal income tax purposes.

 

You might need to file an annual report with the state.

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