I have an LLC with my fiance both as owners do we both have to file the company taxes separately?

[pb1stchoice]

I OPENED AN LLC WITH MY FIANCE AND I WOULD LIKE TO KNOW IF WE BOTH HAVE TO FILE THE COMPANY TAXES SEPARATE?

[Fern · Accepted solution]

If your LLC is a single member LLC, you can enter all information using Turbo Tax Self Employed. You will use the business tab in Turbo Tax to enter all of the business income and Expense items.

If the LLC has more than one member, it has to file it's own tax return and you will need to use Turbo Tax Business for the LLC return. The LLC will issue a Form K-1 to you for your share of the income and expense items. You can use Turbo Tax Premier for your personal return and enter the K-1 in your personal return.

If you are filing Married Filing Jointly and the only members of the LLC are you and your spouse, you may still be considered a single member LLC.

Because you are not married and are both members of the LLC, you LLC is considered a multi-member LLC. You will need to complete a tax return for the LLC.  The LLC will issue a form K-1 to each of you and you will include that in your personal returns.