LLC

[mrushfo]

I just became incorporated recently and would like more information on LLCs.

[mbpeddie]

Hello,

LLC stands for "limited liability company," an LLC is a business structure that protects business owners from personal liability for the limited liability company LLC's debts. 

An LLC can be a single member LLC which reports its income and expenses on a schedule C on the individual tax return.

An LLC can also be a partnership  and would file a 1065, US return of Partnership income and the partners share of income, credits and dedcutions would flow through to the individual return on a Schedule K!, Partners Share of Income, Deductions and Credits.

An LLC can also elect to be taxed as an S Corporation by filing Form 2553, Election by a Small Business Corporation to elect tax treatment as an S corporation.