Carl
Level 15

Business & farm

When it comes to federal taxes, the only difference between an LLC (single or multi) and a partnership, is the spelling. (Literally!) The IRS considers both types to be disregarded entities. Under no circumstances and with no exceptions will the owner of a disregarded entity issue themselves a W-2, 1099-MISC.

For a partnership or multi-member LLC, each owner will be issued a K-1 which each owner will need in order to complete their individual personal 1040 tax returns.

Do not confuse this with a multi-member LLC that has elected to be "treated like a S-Corp or C-Corp". This election is moot in your case, as if you had made that election, you would know it and would have told us.