PatriciaV
Expert Alumni

Get your taxes done using TurboTax

Who is included on the LLC registration? Are you both on the Operating Agreement? Did you use a lawyer to incorporate? 

 

A multi-member LLC is required by the IRS to file a tax return every year until it dissolves. Per the IRS, "A domestic LLC with at least two members is classified as a partnership for federal income tax purposes unless it files Form 8832 and elects to be treated as a corporation."

 

The LLC operating agreement may state that you receive 100% of the profit and loss. But other aspects of a partnership are set by the IRS.

 

The only way to prepare Schedule K-1 is from Form 1065, the partnership tax return.

 

You may wish to consult with a local tax expert on these questions, to be sure you are in compliance with all laws and regulations.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"