A partnership must file an annual information return to report the income, deductions, gains, losses, etc., from its operations, but it does not pay income tax. Instead, it "passes through" any profits or losses to its partners.
https://www.irs.gov/businesses/small-businesses-self-employed/partnerships
Also see:
https://www.irs.gov/businesses/small-businesses-self-employed/forming-a-corporation
You and your co-owners should seek out a local professional to help you evaluate your options.
A partnership must file an annual information return to report the income, deductions, gains, losses, etc., from its operations, but it does not pay income tax. Instead, it "passes through" any profits or losses to its partners.
https://www.irs.gov/businesses/small-businesses-self-employed/partnerships
Also see:
https://www.irs.gov/businesses/small-businesses-self-employed/forming-a-corporation
You and your co-owners should seek out a local professional to help you evaluate your options.
If you mean a Single Member LLC (that has not made an election to be taxed as a corporation), it changes nothing for your Federal Income taxes. So there would not be any tax-purpose of doing that.
Some states (such as California) impose an additional fee for LLCs (California has a minimum $800 fee).
Although a LLC could give some legal protection in case of a lawsuit, most people do not treat LLCs properly for that regard, so the legal protection is minimal or non-existant. A good insurance policy can give far better protection.
No, not a Single Member. Does that change the Tax amount?
An LLC is a legal form of ownership, not a tax one. Multiple owners are usually a Partnership, whether an LLC or not.
That's nice. Does a Partnership pay more than a Self Employed whether an LLC or not?