.12 Limited Liability Company (LLC) Definition
A limited liability company (LLC) can be one of the following:
●Sole proprietorship
●A partnership
●A corporation
When an LLC is a sole proprietorship, the owner of the LLC files taxes for the profits of the LLC with their personal taxes using Form 1040 Schedule C, Form 1040 Schedule E, or Form 1040 Schedule F. See
Self-Employment.
When an LLC is a partnership, taxes will be filed using Form 1065. See
Self-Employment.
When an LLC elects to be a corporation, taxes will be filed using Form 1120 or Form 1120S when the corporation is choosing to file as a S Corporation. See
Corporation Profits.