On which tax form do LLCs with more than one owner report their income and losses?
A) Form 1120
B) Form 1120S
C) Form 1065
D) Form 1040, Schedule C

Question

Quizplus · Accepted Answer

LLCs with more than one owner (referred to as "members") are classified as partnerships for tax purposes and must file Form 1065, also known as a partnership tax return, to report their income and losses. Each member will receive a Schedule K-1 from the partnership, which they will use to report their share of the income or loss on their individual tax return (Form 1040). Forms 1120 and 1120S are used for corporations, while Form 1040, Schedule C is used for sole proprietorships.

On Which Tax Form Do LLCs with More Than One