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Business & farm
The "LLC" is a state designation not a federal one ... a single member LLC that doesn't incorporate is a sole prop. A multi member LLC is considered a Partnership unless they choose to be taxed as a corporation. And it you choose to be a corporation you need to make the S-Corp election otherwise you are automatically a C-Corp.
And if you don't know how to set up the books for your entity then you have much more to learn. Seek out a local bookkeeper that does taxes or visa versa. A CPA is not needed but do find at least an Enrolled Agent.
‎January 27, 2022
4:34 AM