AliciaP1
Expert Alumni

Investors & landlords

You would qualify as a disregarded entity if you did NOT register as an LLC.  Once you become an LLC you are considered a separate entity regardless of community property state or not.

 

Per the IRS:

LLCs owned by a husband and wife are not eligible to be "qualified joint ventures" (which can elect not be treated as partnerships) because they are state law entities. For more information see Election for Husband and Wife Unincorporated Businesses.

 

As a multi-member LLC who has not elected to be treated as an S-Corp for tax purposes, you are required to file a Form 1065 for federal tax purposes by 3/15 (unless you file for an extension).  In CA the requirement is the CA partnership return (Form 565) by 3/15 and as an LLC you are required to file the CA LLC Return of Income (Form 568) by 4/15.

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