Cindy4
Employee Tax Expert

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:

https://turbotax.intuit.com/tax-tips/small-business-taxes/i-own-several-businesses-how-should-i-file...

https://turbotax.intuit.com/tax-tips/small-business-taxes/limited-liability-company-taxes/L5TDDlstC#...

https://turbotax.intuit.com/tax-tips/self-employment-taxes/beginners-tax-guide-for-the-self-employed...

 

Hope this helps!

Cindy

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