giogis245 Posted February 9, 2021 Report Share Posted February 9, 2021 She says that she was told that she can keep filing a 1040 and include the income in Schedule C, is that correct? Or does she have to file a company return that flows to her personal? She does not pay herself a salary. Quote Link to comment Share on other sites More sharing options...
Dave T Posted February 9, 2021 Report Share Posted February 9, 2021 If she is a single member LLC it is considered a disregarded entity and she will continue to report income and expense on Schedule C. 3 Quote Link to comment Share on other sites More sharing options...
Pacun Posted February 10, 2021 Report Share Posted February 10, 2021 She has a choice but she already told you which one she wants (schedule C). Quote Link to comment Share on other sites More sharing options...
gfizer Posted February 10, 2021 Report Share Posted February 10, 2021 15 hours ago, Pacun said: She has a choice but she already told you which one she wants (schedule C). She only has a choice if she filed the election to be treated as an s-corporation. If she hasn't made the election then she would file on schedule C. Not sure about IL but KY does require an additional form (and fee - LLET Tax) to filed for the LLC. 2 Quote Link to comment Share on other sites More sharing options...
Catherine Posted February 11, 2021 Report Share Posted February 11, 2021 Make sure she hasn't filed to be treated as an S-Corporation. If not, then she can use Sch C for the full year. Else, Sch C short year until she got the LLC, and a short year 1120-S for the corporate portion. Watch for state forms and annual reports specific to LLCs, too. Quote Link to comment Share on other sites More sharing options...
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