On which tax form do LLCs with more than one owner generally report their income and losses?
A) Form 1120.
B) Form 1040, Schedule C.
C) Form 1065.
D) Form 1120S.

Question

Quizplus · Accepted Answer

LLCs with more than one owner generally report their income and losses on Form 1065, also known as the Partnership tax return. This form is used to report the partnership's income, deductions, gains, losses, and other information to the IRS. Each partner will receive a Schedule K-1, which shows their share of the partnership's income, deductions, and credits, and must report this information on their individual tax return (Form 1040).

On Which Tax Form Do LLCs with More Than One