My wife and I (Husband) own a multi-member LLC, where we are the only members. We live in Minnesota (which is not a community property state). We started the business in 2018, and filed our taxes for 2018 as a multi-member LLC (so we filed a Schedule K) and then reported that information on our personal taxes. For Tax Year 2019, I'm wondering if we still need to file using a Schedule K, or if we can just file our personal taxes and claim the income/loss on those instead of having to file a Schedule K first and then do our personal taxes? Does it matter that we already filed as a Multi-Member LLC for Tax Year 2018? Do we need to fill out and submit Form 8832, Tax Election Change form? If we do fill that form out now, can we use that election change to file our 2019 taxes as a Single Member LLC? If we do file as a single member LLC, will be get a fine because we filed after March 15 and the IRS thinks we should have file by that due date for our multi-member LLC?
