Archive for the ‘LLC tax returns’ Category
Small business and personal taxes of LLC?
Me and my partner started an LLC Partnership in February of 07. For taxes do I file my personal taxes first then file my business taxes? We are both 50% partners of the business.
Larisa’s Response: An LLC is considered a “pass-thru” entity which means the profit or loss from the business will pass thru to your personal return. For this reason, you will need to file the business taxes first and you will each receive a form called “K-1″ which will indicate each partner’s share of the profit or loss. You will add this form (and the results it shows) to your personal return and file it.
Larisa’s Response: An LLC is considered a “pass-thru” entity which means the profit or loss from the business will pass thru to your personal return. For this reason, you will need to file the business taxes first and you will each receive a form called “K-1″ which will indicate each partner’s share of the profit or loss. You will add this form (and the results it shows) to your personal return and file it.
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