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How an LLC is Taxed
The owners of an LLC are called members. A single-member LLC is taxed as a sole proprietorship. The owner would file a Schedule C along with their 1040. A multi-member LLC is taxed as a partnership. The LLC would file Form 1065 and then issue a K-1 to each of the members (the K-1 shows each member's share of the LLC's profit or loss). An LLC ...
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