tenmile
Returning Member

Should I file my llc as individual income or a partnership?

I have an LLC that generates all my household income. I no longer have a W2 job. Should I continue to file the LLC with my individual return (married filing jointly) through a schedule C? Or should I opt to structure the LLC as a partnership and file separately for personal and business?

 

From my understanding, a partnership would be taxed at a lower rate than personal income. But would I create a double taxation situation since I take my income from the LLC?