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Commonly Asked Questions about Small Business Financial 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.
Income tax forms These entities pass income and losses through to the individual (flow-through structure), which is why you use an individual tax form. Sole business owners must also submit a Schedule C (Form 1040 or Form 1040-SR), Profit or Loss from Business.
Government Funding These are the most popular forms of small business financing, particularly the SBAs 7(a) and 504 small business loans. SBA loans are fixed-rate, fixed-term loans that must be repaid.
If you qualify for the SBA size standard via the industry size standard, youll need to submit three years of fiscal year-end statements and/or federal income tax returns. The SBA needs returns for affiliates to determine SBA-loan eligibility through the size standard calculation. Interim Financial Documents for SBA Loans - Pursuit Lending pursuitlending.com resources interim-financial pursuitlending.com resources interim-financial
But sole proprietors report business income on their individual income tax returns. They report this to the Internal Revenue Service (IRS) using IRS Form 1040. They attach Schedule C, which outlines business profits and losses. Sole proprietors also pay self-employment taxes (FICA).
Small businesses frequently use the 1099-MISC. If a business spends $600 or more for services from an unincorporated business (s-corps, LLCs, sole proprietors, etc.) during a tax year, the total is reported on a 1099-MISC.