For tax purposes, the LLC is treated as a sole proprietorship when there is one owner and as a general partnership when there are two or more owners. Neither the sole proprietorship nor the general partnership is a taxpaying entity. They are termed “pass-through entities,” or conduits. The owners report their share of profit and loss (whether or not it is actually distributed) on their personal income tax returns.
The owner of a one-owner LLC must fill out Schedule C and add it to his or her personal income tax return (Form 1040); members of a multiple-owner LLC must use Schedule E with their returns. A multiple-member LLC also must file a partnership information return, Form 1065, which shows how the money came in and was distributed to members, but no entity-level taxes are imposed. “Salary” to the owner of an LLC is really just a way of dividing profits, or an owner’s withdrawal in a one-owner LLC (see our discussion covering the different ways of dividing profits in the LLC).
Our one-of-a-kind training program allows you to successfully enter the lucrative world of commercial financing.
Amazing opportunity for only $500 in an industry that is prime for sales.
Millions of people retire in poverty - but it doesnt have to be this way!
Unlimited income while helping others succeed. Only for the educated and qualified entrepreneur.
Be a part of the number one growth industry while securing your future with residual income.
Make residual income by providing online page one organic results that every small business needs to grow.