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FORM 725 KENTUCKY SINGLE MEMBER LLC INDIVIDUALLY O

FORM 725 KENTUCKY SINGLE MEMBER LLC INDIVIDUALLY O

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today we're going to talk about the difference between the default rules for a single member versus a multi-member LLC so forgive my artist skills but over here we have one person which is called a single member LLC and over here we have three now for the single member the default rule is it's a disregarded entity and it would file like a sole proprietorship so for a business you would file Schedule C attached to your individual tax return this would be the default rule for a single member for a multi-member we have three individuals they are also considered a disregarded entity but the entity would file form 1065 which is a partnership return then the partnership would issue a K1 to each member which would reflect the profit or loss from the business and each bid each member would claim that K1

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