Analyzing Tax Returns: Limited Liability Companies (LLC)

TheFamily Law News periodical summarizes some of the unique tax aspects of a Limited Liability Company (LLC) as follows:

"Owners of Limited Liability Companies are known as members. LLCs that have two or more members report taxes on IRS Form 1065, which is the same form used for Partnerships. The state of California has a separate form for Limited Liability Companies, which is Form 568. The members of LLCs receive Schedule K-1s for their proportionate share of the LLC's net income."

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