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Business & farm
@annievk.g There is no need for the Federal tax return to know if it is an LLC or a non-LLC Sole Proprietorship. They are treated the same on the Federal tax return. If you live in a State that has different requirements, it will ask you if it is an LLC or not.
A Sole Proprietorship (including a Single Member LLC) does not need to know anything about owner contributions or distributions. You are taxed on the business profit, and the contributions or distributions don't affect anything and are not entered on the tax return.
A Sole Proprietorship (including a Single Member LLC) does not need to know anything about owner contributions or distributions. You are taxed on the business profit, and the contributions or distributions don't affect anything and are not entered on the tax return.
‎June 7, 2019
3:03 PM