Level 9
This widget could not be displayed.

Get your taxes done using TurboTax

The default tax classification for a single member LLC is a disregarded entity. The default tax classification for a multi member LLC is a partnership. If you and your spouse are members of the LLC you are likely to file a partnership return. If only one of you owns the business than you can file a schedule E. I would not recommend electing to be treated as a corporation because of the issues with appreciated property distributions.