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bcrum01
New Member

Set up an LLC. as sole owner and employee do I create a 1099 misc for myself?

This is an insurance business that is franchised. I am not sure if I create the 1099 myself or if the franchising parent company gives this?
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1 Reply
HelenaC
New Member

Set up an LLC. as sole owner and employee do I create a 1099 misc for myself?

No, do not create a Form 1099-MISC if you are a Single Member LLC. 

If the LLC was registered as a Single Member LLC, (only one member), you report income and expenses on Schedule C of your 1040. 


Per IRS Single Member Limited Liability Companies article: https://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Single-Member-Limited-Liability-Comp...

If a single-member LLC does not elect to be treated as a corporation, the LLC is a "disregarded entity," and the LLC's activities should be reflected on its owner's federal tax return. If the owner is an individual, the activities of the LLC will generally be reflected on:

·         Form 1040 Schedule C, Profit or Loss from Business (Sole Proprietorship) (PDF)

·         Form 1040 Schedule E, Supplemental Income or Loss (PDF)

·         Form 1040 Schedule F, Profit or Loss from Farming (PDF)

An individual owner of a single-member LLC that operates a trade or business is subject to the tax on net earnings from self employment in the same manner as a sole proprietorship

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