Limited Liability Company (LLC)

An LLC is an entity formed under state law by filing articles of organization as an LLC. None of the members of an LLC are personally liable for its debts.

An LLC can be classified as either a partnership or a corporation for federal income tax purposes. See Corporation, later, for the rules you must use to determine whether an LLC is treated as a corporation. If an LLC is not treated as a corporation and has 2 or more members, it is treated as a partnership.

Depending on its classification, an LLC would file either Form 1065 or Form 1120. However, if an LLC has a single owner, it would be disregarded as an entity separate from its owner, and the owner would file Schedule C or C-EZ (Form 1040) or Schedule F (Form 1040) to report business or farm income and expenses.

If an LLC is treated as a partnership, see Publication 541 for information on partnerships. If it is treated as a corporation, see Publication 542 for information on corporations.

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