@jorgito153 wrote:
.....answer stated that income and expenses be reported on 1120 S. how about the Schedule C or 1065 for the LLC ? Does it have to be reported with no income or expenses?
S corporations, and LLCs electing to be treated as S corporations for federal income tax purposes, file Form 1120-S.
Single-member LLCs are disregarded entities and report income and expenses on Schedule C.
Multi-member LLCs are treated as partnerships by default and report on Form 1065 (and issue K-1s to their members).
S corporations must file Form 1120-S whether or not they have income or expenses.
Multi-member LLCs must file Form 1065 unless they have neither income nor expenses for the tax year.
Single-member LLCs (and sole proprietorships) file Schedule C unless they have neither income nor expenses.
