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Author: Adrismith Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121341  
Subject: File a Schedule C when starting an LLC? Date: 4/13/2004 7:14 PM
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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?
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Author: ptheland Big gold star, 5000 posts Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 71379 of 121341
Subject: Re: File a Schedule C when starting an LLC? Date: 4/13/2004 7:21 PM
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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

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Author: Adrismith Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 71394 of 121341
Subject: Re: File a Schedule C when starting an LLC? Date: 4/13/2004 9:52 PM
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Thank you so much Peter. I will check out the forms you recommended.

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