@tenmile wrote:
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?
If your LLC is a single-member LLC you must report it on Schedule C on your personal tax return. If your LLC is a multi-member LLC you must report it as a partnership, unless you and your spouse are the only members and you live in a community property state. You can't change the tax treatment of your LLC unless you change the structure of the LLC. You can't "structure the LLC as a partnership" unless it has at least one other partner besides yourself.
@tenmile wrote:
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?
A partnership does not pay any tax at all. As tagteam said, the income from the partnership is passed through to the partners. The partnership income is reported on each partner's personal tax return, and is taxed at the same rates as Schedule C income.
