Form 1120 is the form that C-corporations use to file their business returns. Form 1120s is used by S-corporations.
An LLC can elect how it will be taxed, as a Corp or Partnership...and of course the forms follow.
http://www.irs.gov/file/article/0,,id=111348,00.html
LLC is Limited Liability Company. It's allowed by state statute. But the IRS doesn't recognize LLC as a classification for federal tax purposes. Under IRS Default Rules, a Limited Liability Company with at least two members is considered as a partnership. Form 8832 is Entity Classification Election. An LLC with two or more members would only have to file Form 8832 if the LLC didn't want to file as a partnership. As a partnership, the LLC would file Form 1065 (U.S. Return of Partnership Income). For more information, go to www.irs.gov/formspubs for Publication 541 (Partnerships) and Publication 3402 (Tax Issues for Limited Liability Companies).
Do I have to file personal taxes if I own a small LLC? Or just file business taxes.
Form 1120 is the form that C-corporations use to file their business returns. Form 1120s is used by S-corporations.
The 1120s form is shorter than the 1120 form. The shorter form can be used by individuals and partnerships. The longer form is usually used by corporations.
An LLC can elect how it will be taxed, as a Corp or Partnership...and of course the forms follow.
You need a name registery form and to file papers with the state. Read more at http://smallbusiness.findlaw.com/business-structures/llc/forming-llc-checklist.html
http://www.irs.gov/file/article/0,,id=111348,00.html
LLC is Limited Liability Company. It's allowed by state statute. But the IRS doesn't recognize LLC as a classification for federal tax purposes. Under IRS Default Rules, a Limited Liability Company with at least two members is considered as a partnership. Form 8832 is Entity Classification Election. An LLC with two or more members would only have to file Form 8832 if the LLC didn't want to file as a partnership. As a partnership, the LLC would file Form 1065 (U.S. Return of Partnership Income). For more information, go to www.irs.gov/formspubs for Publication 541 (Partnerships) and Publication 3402 (Tax Issues for Limited Liability Companies).
Do I have to file personal taxes if I own a small LLC? Or just file business taxes.
LLC (Limited Liability Company) is a type of business that's allowed by state statute. But LLC isn't recognized as a classification for federal tax purposes. This means that an LLC must file a tax return as a corporation, partnership, or sole proprietorship. An LLC with at least two members can choose to be classified as a corporation or as a partnership. If you choose corporation status, you must file Form 8832 (Entity Classification Election). You don't need to file Form 8832 if you're an LLC filing as a partnership. Corporations file Form 1120 (U.S. Corporation Income Tax Return). Partnerships file Form 1065 (U.S. Return of Partnership Income). Each partner's share of income, expenses, etc., is then entered on Schedule C (Profit or Loss from Businss). For more information, go to the IRS Small Business screen at www.irs.gov/business/small. Select from the left column A-Z Index for Business to view/print the article, Limited Liability Company (LLC).
there are several sites that will give you a step by step instruction on how to file for a online LLC. The best company that I found was MyCorporation where for a small fee they will help you complete the process.
LLC (Limited Liability Company) is a type of business that's allowed by state statute. But LLC isn't recognized as a classification for federal tax purposes. This means that an LLC must file a tax return as a corporation, partnership, or sole proprietorship. A single member LLC can choose to be classified as a corporation or as a 'disregarded entity' (i.e., disregarded as a business entity separate from its owner). The IRS Default Rule is for a single member LLC to be a 'disregarded entity'. If you follow the Default Rule, you don't have to file Form 8832 (Entity Classification Election). If you choose to be classified as a corporation, you must file Form 8832. In the 'disregarded entity' classification you report your LLC income, expenses, etc. on Schedule C (Profit or Loss from Business). Corporations file Form 1120 (U.S. Corporation Income Tax Return). For more information, go to the IRS Small Business screen at www.irs.gov/business/small. Select from the left column A-Z Index for Business to view/print the article, Limited Liability Company (LLC).
There are a few simple steps to forming a LLC in Colorado. First off you'd need to choose a name for your LLC, then you'd need to file articles of organization, after that you'd need to appoint a registered agent, and 4 other steps.
you can if you believe you can