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Commonly Asked Questions about LLC and Corporation Forms

An LLC will file one of the following returns, depending on the situation: Single-member LLCs: Form 1040 (Schedule C, E, or F) Multiple-member LLCs (Partnership): Form 1065. S Corporation: Form 1120-S. Corporation: Form 1120.
Can I File My LLC and Personal Taxes Separately? Yes, if your LLC is considered a corporation, then these taxes can be filed separately from your personal taxes. If your LLC is not considered a corporation, the taxes are to be filed with your personal taxes.
Limited liability companies (LLCs). LLCs only file Form 1120 if theyve elected to be taxed as a corporation. Partnership LLCs file Form 1065 instead and single-member LLCs usually file their taxes via the owners personal federal tax return.
The Bottom Line: Choosing the Best Option for Your Business Choosing an S-corp will help you save on your self-employment taxes, just be aware that this will require intense and precise bookkeeping. LLCs are best suited for smaller businesses because of their flexibility, cost and convenience.
As an LLC, you can elect S Corp status instead of the default sole proprietorship or partnership. As a corporation, youll automatically be taxed as a C Corp. A larger LLC might want to elect C Corp status for a lower tax rate or to appeal to future investors or buyers.
Single-member LLCs report business income and losses on Schedule C, which attaches to the owners Form 1040 personal tax return. Multi-member LLCs file an informational Form 1065 showing total income and expenses plus Schedule K-1s documenting each members share.
The fee for filing the Articles of Organization is $200. The fee may be paid by cash, check, money order, MasterCard, Visa or American Express. Checks and money orders should be made payable to the Department of State. Do not send cash through the mail.