Yes, if he is under 24 years old and a full-time student who lives with you (except for temporary periods while away at school) you can still claim him.
He will need to file a tax return to report his Self-Employment Income. He is subject to Self-Employment tax on his net profit.
You say that he is an LLC. If he is the sole owner of the LLC, unless he elected to be treated as a corporation, the LLC is a disregarded
entitity, and he'll report his income on Schedule C as a sole proprietor.
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