- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Business & farm
Yes, if you are also a member of the LLC, then the LLC would need to file a Form 1065, U.S. Return of Partnership Income. Then the LLC issues K-1 documents to each member that reports their share of income. As stated above, a single-member LLC is considered a disregarded entity and the owner of such business can claim all business-related income and expenses on Schedule C of their Form 1040.
If your dad owns 100%, it sounds like a disregarded entity to me, but if he has you listed as a member, then technically, the LLC is a partnership and would need to file the business return.
A Limited Liability Company (LLC) is a business structure allowed by state statute. Each state may use different regulations. Check the documents and with your state's regulations. Owners of an LLC are called members. Most states do not restrict ownership, so members may include individuals, corporations, other LLCs, and foreign entities. There is no maximum number of members. Most states also permit “single-member” LLCs, those having only one owner.
Limited Liability Company (LLC) - This is an IRS link for general LLC taxing information, but to change anything on the LLC registration, you have to go through the state office, not the IRS.
**Mark the post that answers your question by clicking on "Mark as Best Answer"