What type of tax return does an llc file

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Grow Your Legal Practice. Meet the Editors. Florida Georgia Hawaii Idaho. More Legal Topics. The following forms contain instructions and other information about this classification:. Return of Partnership Income. An LLC, regardless if it has a single or multiple members, can choose to be classified as a corporation. In this case, the following forms need to be filed:. An LLC classified as corporation must also file a corporation income tax return.

This is filed either in Form or Form S. An LLC may opt to change its classification. However, the LLC can only apply for the change 60 months after a previous classification change becomes effective.

For income tax purposes, an LLC with only one member is treated as an entity disregarded as separate from its owner, unless it files Form and elects to be treated as a corporation.

However, for purposes of employment tax and certain excise taxes, an LLC with only one member is still considered a separate entity. Generally, LLCs are not automatically included in this list, and are therefore not required to be treated as corporations.

Pursuant to the entity classification rules, a domestic entity that has more than one member will default to a partnership. Thus, an LLC with multiple owners can either accept its default classification as a partnership, or file Form to elect to be classified as an association taxable as a corporation. Thus, an LLC that has been treated as a partnership for several years may be able to prospectively change its classification to be treated as a corporation by filing Form Return of Partnership Income.

Generally, members of LLCs filing Partnership Returns pay self-employment tax on their share of partnership earnings. Corporation Income Tax Return.