Yes, I am the only employee AND the only owner, I am (was) a partner in an LLP, I formed a professional corporation (PC) and substituted it for myself as the partner in the LLP, so now all partnership distributions come to the PC, and I am the only employee of the PC.
In the first year after forming PC (it was created mid-year), I received 2 K-1s, 1 to me individually and 1 to the PC. In each subsequent year a single K-1 was received, to the PC. I also receive a W-2 from the PC.
I'm uninformed regarding these issues but was told there were some tax/Social Security advantages to doing things this way. Tax advice is, of course, beyond the scope of any advice here, my inquiry was more limited, "do I file 2 returns or what?" Your responses have been very helpful in sorting this out, much appreciated.
