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Business & farm
@Anonymous wrote:
you can't have a partnership unless there are two taxpayers who share in its profit or loss. there is no requirement to have one. As for a corporation, that depends on the tax results you are seeking. a schedule C and a Corp each have their pros and cons, so if you are uncertain consult with a tax pro or financial advisor.
A single member LLC is automatically considered a disregarded entity and the owner files a schedule C with their personal return. However, an LLC -- even single member -- can make an election to be treated as an S-corp for tax purposes only, and file a form 1120S separately, and before they file their personal return. This does not change any other part of the LLC's legal standing, just the income tax returns. I can't advise on why you would want to do this or not, but an LLC filing as an S-corp is allowable and not the same thing as actually forming an S-corp.