On which tax form do LLCs with more than one owner generally 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, also known as a partnership, generally report their income and losses on Form 1065, which is the U.S. Return of Partnership Income. This form is used to report the company's profits or losses, deductions, and credits on a partnership level. The individual owners would then receive a Schedule K-1, which reports their share of the partnership's income, deductions, and credits to be reported on their own individual tax returns.

On Which Tax Form Do LLCs with More Than One