- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Business & farm
An LLC is a state legal entity controlled by state statute. You should check with your state for their regulations regarding LLCs.
From a tax perspective, the IRS treats single member LLCs as a sole proprietorship, unless you make an entity declaration to be treated as a corporation. Each unrelated business is generally reported on a separate schedule C, but the schedule C results will all flow into one schedule SE for calculation of self-employment tax.
Here are some great resources for small businesses:
Hope this helps!
Cindy
**Please say "Thanks" by clicking the thumbs up icon in a post
***Mark the post that answers your question by clicking on the "Mark as Best Answer"
***Mark the post that answers your question by clicking on the "Mark as Best Answer"
May 22, 2024
11:29 AM
1,700 Views