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Get your taxes done using TurboTax
@lng22392 wrote:
How do I know if my LLC is a sole proprietorship or a partnership?
Essentially, it is based upon numbers; you cannot have a partnership with only one individual; you need at least two individuals (or one individual and one entity, such as a corporation).
Therefore, if you are the only member of your LLC (i.e., it is a single-member LLC) and you have not made an election to be treated as a corporation for federal income tax purposes, then you are operating as a sole proprietor.
March 11, 2020
10:27 AM
7,661 Views