Gaizer.com Tips for Business Start-ups

For a single-owner LLC, you just need to add a Schedule C, “Profit or Loss from Business,” (available at http://www.irs.gov) and submit it with your tax returns. For a multi-owned LLC, you will need to file Form 1065, “U.S. Return of Partnership Income” (same as with partnerships). Furthermore, the members of the multi-owned LLC need to fill the Schedule K-1, “Beneficiary’s Share of Income, Deductions, Credits,” which breaks down each member’s share of the business’s profits and losses. The LLC members must report their profit and loss information on their 1040, adding Schedule E, “Supplemental Income and Loss.”

Remember, LLC members pay self-employment tax if they participate in the operations or management of the company. Consult with your accountant to discuss LLC taxation and record keeping.

This informational purposes only, I do not claim that the info is accurate or up-to date. Always check with your accountant for the most updated information, and for information that pertains to you!