Multiple Member LLC

[Tigger]

Has anyone had any expeirence with this? I know that an LLC is is normally posted on a schedule C, but how is a multiple member LCC recorded? TIA

[DTS]

Llc

Are they filing as a partnership?

D

[MariaR08]

Is it a multiple member because of husband & wife?

[krazykev]

Default vs election

By default multimember LLC's file as a partnership; however the election can be made to file like a corporation. I think a Husband/Wife LLC can elect to file two schedule C's and proportionately split out the income and expenses (I've always just done a 1065).

[DTS]

LLCs

Rick,

All the LLCs I prepare are on a 1065.

D

[Tigger]

Multiple LLC

Three sisters inherit a condo from mother upon her death. Their lawyer forms a LLC for them. Do they each file a schedule C or do they file one, and if one, who files it? TIA

[DTS]

3 sisters

File a 1065 with them listed as members. Let them pick the person amongst them that will be the contact person for your preparation and that will look over and sign the return. I suspect one or more of them is not wanting to do this?

D

[sea-tax]

Has anyone had any expeirence with this? I know that an LLC is is normally posted on a schedule C, but how is a multiple member LCC recorded? TIA

Rick welcome from a fellow northwesterner.
Don't take this the wrong way my intent is not to be crass, but if a Multi Memeber LLC is something you are unfamilar with , might I suggest that you either partner with a more expierenced preparer in the arena of 1065's taxes or disengage from this client and begin to take some course studies in this area. This part of the tax code is complex. There are many pitfalls and without the proper knowledge you may be doing yourself and your client a disservice.

[DaveO]

Rick welcome from a fellow northwesterner.
Don't take this the wrong way my intent is not to be crass, but if a Multi Memeber LLC is something you are unfamilar with , might I suggest that you either partner with a more expierenced preparer in the arena of 1065's taxes or disengage from this client and begin to take some course studies in this area. This part of the tax code is complex. There are many pitfalls and without the proper knowledge you may be doing yourself and your client a disservice.

With all due respect I would echo Sea-Tax's advice. Even if there were not multible members involved you would be looking at filing an "E" not a "C" unless significant personal sevices were involved, discussion of which is ongoing on another thread. You will do yourself or your client no favors by getting in over your head.