@Carl wrote:
For an LLC, be it a single member LLC or Multi-Member LLC, taxes for this business type is not all that difficult really - though for a multi-member LLC that initial learning curve (on the tax front) can be steep.
I have to disagree with @Carl with respect to taxes for a multi-member LLC; the learning curve is steep, no doubt, but the return can also be extremely challenging, particularly if there is a balance sheet involved, on a number of levels.
Further, since you mentioned purchasing a local business, @dnabrillhart, you will most likely have to file Form 8594 (link below) which only adds to the complexity of your scenario.
See https://www.irs.gov/instructions/i8594
