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the busienss entity characteristics makes a huge difference --to wit: (a) single member LLCs are treated ( unless owner chooses to be treated as a s-corp) as a disregarded enitity --- treated just like a sole proprietor business and therefore reported on schedule-C/C-EZ along with your own return; (b) multimember LLC, and partnerships are treated as pass through entities -- you file a partnership return and issue K-1s to the members who then pay the taxes ( partnership pays no taxes directly ); (c) C-Corp / S-Corp work kind of similar except S-Corp uses a K-1 to when acting as a pass through entity.
Without your entity chracteristics, it is impossible to advise you.
the busienss entity characteristics makes a huge difference --to wit: (a) single member LLCs are treated ( unless owner chooses to be treated as a s-corp) as a disregarded enitity --- treated just like a sole proprietor business and therefore reported on schedule-C/C-EZ along with your own return; (b) multimember LLC, and partnerships are treated as pass through entities -- you file a partnership return and issue K-1s to the members who then pay the taxes ( partnership pays no taxes directly ); (c) C-Corp / S-Corp work kind of similar except S-Corp uses a K-1 to when acting as a pass through entity.
Without your entity chracteristics, it is impossible to advise you.
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