Mike9241
Level 15
Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee

Business & farm

you don't put them anywhere. draws from n a multimember LLC represent the withdrawal of profits or excess money. they affect your tax basis but normally not your income unless they create a negative tax basis. then they're capital gain income.  

************************************

a multimember LLC normally is required to file a partnership tax return (form 1065) unless it has elected S-Corp status. then it files the 1120S. you do not use schedule C unless the only members are spouses and you live in a community property state.  failure to file the appropriate return timely can result in penalties of about $200/month/member.   if you don't understand all of this see a tax pro. 

View solution in original post