Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

An LLC can elect to be treated as a Corporation or Partnership. What happens if the LLC has only one member?

April 26, 2017corporation happens LLC partnership treated

0

Posted

An LLC can elect to be treated as a Corporation or Partnership. What happens if the LLC has only one member?

1 Answer

0

Posted

If you have a one member LLC owned by an individual that elected non-corporate treatment, you’d simply report the income on the appropriate form on Form 1040 (Schedule C for a business, Schedule E page 1 for a rental, etc.).