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Which income tax returns does LLC file

LLC filing requirements depend on the entity election to be treated as corporation or disregarded entity and the number of owners.

LLC elected to be treated as corporation will have to comply with all the filing requirements impose on a General Corporation, known as C. Corporation. This includes IRS from 1120 and all related statements and schedules. If the company had trading and or business activities it must disclose its income statement and balance sheet. 

Single Member LLC. If a single-member LLC does not elect to be treated as a corporation, the LLC is a “disregarded entity” and the LLC’s activities should be reflected on its owner’s federal tax return. If the owner is an individual, the activities of the LLC will generally be reflected on:

Form 1040 Schedule C, Profit or Loss from Business (Sole Proprietorship) (PDF)

Form 1040 Schedule E, Supplemental Income or Loss (PDF)

Form 1040 Schedule F, Profit or Loss from Farming (PDF)

An individual owner of a single-member LLC that operates a trade or business is subject to the tax on net earnings from self employment in the same manner as a sole proprietorship.

If the single-member LLC is owned by a corporation or partnership, the LLC should be reflected on its owner’s federal tax return as a division of the corporation or partnership

Multi Member LLC. If the LLC is a partnership, normal partnership tax rules will apply to the LLC and it should file a Form 1065, U.S. Return of Partnership Income (PDF). Each owner should show their pro-rata share of partnership income, credits and deductions on Schedule K-1 (1065), Partner’s Share of Income, Deductions, Credits, etc. Generally, members of LLCs filing Partnership Returns pay self-employment tax on their share of partnership earnings.

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