Limited liability companies are generally taxed as partnerships unless the company elects to be taxed as a corporation.

Name: Limited liability companies are generally taxed as partnerships unless the company elects to be taxed as a corporation.
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Limited liability companies (LLCs) are by default taxed as partnerships if they have more than one member, and as sole proprietorships if they have only one member, unless they elect to be taxed as a corporation by filing IRS Form 8832.

Limited Liability Companies Are Generally Taxed as Partnerships Unless the Company