My partner and I started an LLC last year in CA. We will be filing the taxes for the LLC. Do I need to file a Schedule C on my personal taxes?
My partner and I started an LLC last year in CA. We will be filing the taxes for the LLC. Do I need to file a Schedule C on my personal taxes? I've bolded the relevant portion of your question. For federal purposes, you have a partnership and should file a form 1065 to report the LLC activity. You might also elect to be taxed as a corporation, in which case you would need to use one of the 1120 series of forms. Choosing which is right for you is something that normally requires professional guidance.The one form you can't use is schedule C. You are not a sole proprietor.Your state might be a different issue. Each state seems to have their own way of handling LLC's.--Peter
Thank you so much Peter. I will check out the forms you recommended.
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Market data provided by Interactive Data.
Company fundamental data provided by Morningstar. Earnings Estimates, Analyst Ra