Publication 225 |
2000 Tax Year |
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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