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Business & farm
A Multi-Member LLC is automatically taxed as a partnership unless you choose (or have choosen) to file as a Corporation. Then it is a C-Corp unless you make the S-Corp election. Sadly the 2021 return are now considered LATE even if it went on extension and the penalties are piling up at the rate of $200 per partner/member per month since March. So I would highly recommend you seek local professional assistance with this matter to make this decision since you did not do so before you imparted on this venture.
‎September 21, 2022
4:17 PM