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text-xl leading-7 font-semibold md:pt-0 pt-6">What kind of entity do you have?</p><div class="md:flex md:flex-row gap-3 md:justify-center md:pt-4 flex flex-col md:flex-wrap md:pt-0 pt-4"><button class="bg-[#1A1A1A] rounded-xl md:w-[272px] w-full border-[1px] border-[#212121]"><p class="py-4 px-4 text-[#E1E1E1] text-base font-semibold leading-6 text-center">Sole Proprietorship</p></button><button class="bg-[#1A1A1A] rounded-xl md:w-[272px] w-full border-[1px] border-[#212121]"><p class="py-4 px-4 text-[#E1E1E1] text-base font-semibold leading-6 text-center">Partnership</p></button><button class="bg-[#1A1A1A] rounded-xl md:w-[272px] w-full border-[1px] border-[#212121]"><p class="py-4 px-4 text-[#E1E1E1] text-base font-semibold leading-6 text-center">S Corp</p></button><button class="bg-[#1A1A1A] rounded-xl md:w-[272px] w-full border-[1px] border-[#212121]"><p class="py-4 px-4 text-[#E1E1E1] text-base font-semibold leading-6 text-center">C Corp</p></button><button class="bg-[#1A1A1A] 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md:cursor-pointer hover:opacity-[0.93] py-3 px-2 text-base font-semibold w-full h-12 rounded-lg flex justify-center items-center gap-1 cursor-not-allowed h-12">Continue</button></div></div></div></div><div class="md:flex md:flex-row md:justify-between hidden"><div class="w-full flex justify-end h-[92px]"><div class="py-5 w-[200px] h-[52px] w-full px-8"><button class=" bg-[#4AFFE0] text-black-120 md:cursor-pointer hover:opacity-[0.93] py-3 px-2 text-base font-semibold w-full h-12 rounded-lg flex justify-center items-center gap-1 cursor-not-allowed ">Continue</button></div></div></div></div></div></div></div></div></section><section class="md:mx-auto mx-4 md:mt-28 mt-14 md:px-4 lg:px-0"><div class="lg:w-[49.13rem] md:mx-auto"></div><div class="lg:w-[49.13rem] md:mx-auto"><h1 class="md:text-4xl md:!leading-12 text-2xl w-full font-extrabold text-grey-500 mb-6">A Complete Guide to a <span style="background: linear-gradient(101.76deg, #19ACA4 1.98%, #3563CD 100.59%); -webkit-background-clip: text; -webkit-text-fill-color: transparent; background-clip: text; text-fill-color: transparent;">Limited Liability Company (LLC)</span></h1> <div class="py-2 flex flex-col gap-4"><div class="md:text-xl md:!leading-8 font-normal whitespace-pre-line text-grey-500">An LLC company is a great option for small business owners for growth, protection and credibility. This guide will cover the deadline for filing LLC taxes, LLC examples, how are LLCs taxed, how to file taxes for LLCs, LLC tax filing deadline 2024, filing business taxes for LLC for the first time, can you deduct LLC filing fees and LLC tax benefits.</div></div></div><div class=""><div class="mt-4"><div class="text-center text-black font-extrabold text-2xl md:text-4xl px-8 md:px-0">Most Asked Questions <span class="styles_gradient_text__w_FYD">to a FlyFin CPA</span></div><div class="flex flex-row gap-4 cluster_swiper-container mt-4 md:mt-8"><div class="swiper w-full mySwiper"><div class="swiper-wrapper"><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed swiper-slide-duplicate" data-swiper-slide-index="19"><div class="px-3 py-2"><div class="w-full h-[400px] p-6 bg-[#FFFFFF] border border-[#E1E1E1] rounded-xl styles_carouselBoxShadow__UFXaR"><p class="text-[#212121] font-bold text-xl">How much percent does an LLC get taxed in Delaware?</p><p class="text-[#212121] pt-3 text-base font-normal">In Delaware, an LLC itself isn't taxed on income. Instead, members report profits on personal tax returns. However, there's an annual $300 LLC tax. Deductions and specific tax rates depend on individual circumstances. Always consult for personalized advice.</p></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed swiper-slide-duplicate" data-swiper-slide-index="20"><div class="px-3 py-2"><div class="w-full h-[400px] p-6 bg-[#FFFFFF] border border-[#E1E1E1] rounded-xl styles_carouselBoxShadow__UFXaR"><p class="text-[#212121] font-bold text-xl">How do I file taxes for an LLC with no income?</p><p class="text-[#212121] pt-3 text-base font-normal">As a tax CPA, I advise you to file Form 1065 for your LLC, even with no income, to report any deductions and maintain compliance. This helps avoid penalties and keeps your LLC in good standing with the IRS.</p></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="0"><div class="px-3 py-2"><div class="w-full h-[400px] p-6 bg-[#FFFFFF] border border-[#E1E1E1] rounded-xl styles_carouselBoxShadow__UFXaR"><p class="text-[#212121] font-bold text-xl">Do you pay federal income tax with an LLC?</p><p class="text-[#212121] pt-3 text-base font-normal">An LLC itself typically doesn't pay federal income tax. Instead, profits pass through to members who report them on personal tax returns. Members can claim deductions to reduce taxable income. However, an LLC can elect to be taxed as a corporation.</p></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="1"><div class="px-3 py-2"><div class="w-full h-[400px] p-6 bg-[#FFFFFF] border border-[#E1E1E1] rounded-xl styles_carouselBoxShadow__UFXaR"><p class="text-[#212121] font-bold text-xl">Do you pay federal taxes as an LLC in Nevada?</p><p class="text-[#212121] pt-3 text-base font-normal">As an LLC in Nevada, you typically don't pay federal taxes at the entity level. Instead, profits pass through to members who report them on personal tax returns. However, you may owe self-employment taxes and can claim deductions to reduce taxable income.</p></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="2"><div class="px-3 py-2"><div class="w-full h-[400px] p-6 bg-[#FFFFFF] border border-[#E1E1E1] rounded-xl styles_carouselBoxShadow__UFXaR"><p class="text-[#212121] font-bold text-xl">How much are the taxes for a state business LLC?</p><p class="text-[#212121] pt-3 text-base font-normal">The taxes for a state business LLC vary by state and income. Typically, you'll face state income tax, franchise tax, and self-employment tax. Deductions can reduce taxable income. Consult a tax CPA for specifics tailored to your business.</p></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="3"><div class="px-3 py-2"><div class="w-full h-[400px] p-6 bg-[#FFFFFF] border border-[#E1E1E1] rounded-xl styles_carouselBoxShadow__UFXaR"><p class="text-[#212121] font-bold text-xl">How do you file taxes for an LLC?</p><p class="text-[#212121] pt-3 text-base font-normal">To file taxes for an LLC, report income, expenses, and deductions on Form 1065 if multi-member, or Schedule C if single-member. Each member gets a K-1 for their share. Pay self-employment tax and possibly state taxes. Always consult a tax CPA for specifics.</p></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="4"><div class="px-3 py-2"><div class="w-full h-[400px] p-6 bg-[#FFFFFF] border border-[#E1E1E1] rounded-xl styles_carouselBoxShadow__UFXaR"><p class="text-[#212121] font-bold text-xl">Where is the annual fee deducted for an LLC by the California Franchise Tax Board?</p><p class="text-[#212121] pt-3 text-base font-normal">The annual fee for an LLC by the California Franchise Tax Board is deducted on the LLC's state tax return. It is listed as part of the LLC's tax deductions, reducing the total taxable income for the year.</p></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="5"><div class="px-3 py-2"><div class="w-full h-[400px] p-6 bg-[#FFFFFF] border border-[#E1E1E1] rounded-xl styles_carouselBoxShadow__UFXaR"><p class="text-[#212121] font-bold text-xl">How do you do taxes for an LLC?</p><p class="text-[#212121] pt-3 text-base font-normal">As a tax CPA, I handle LLC taxes by preparing and filing Form 1065 for partnerships or Form 1120 for corporations. I ensure all income, expenses, and deductions are accurately reported, maximizing allowable deductions to minimize tax liability.</p></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="6"><div class="px-3 py-2"><div class="w-full h-[400px] p-6 bg-[#FFFFFF] border border-[#E1E1E1] rounded-xl styles_carouselBoxShadow__UFXaR"><p class="text-[#212121] font-bold text-xl">When are LLC taxes due in 2024?</p><p class="text-[#212121] pt-3 text-base font-normal">LLC taxes for 2024 are generally due by April 15, 2024. However, if your LLC has elected to be taxed as an S-Corp or C-Corp, deadlines may differ. Ensure all deductions are accounted for to minimize tax liability.</p></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="7"><div class="px-3 py-2"><div class="w-full h-[400px] p-6 bg-[#FFFFFF] border border-[#E1E1E1] rounded-xl styles_carouselBoxShadow__UFXaR"><p class="text-[#212121] font-bold text-xl">Are LLC taxes hard?</p><p class="text-[#212121] pt-3 text-base font-normal">LLC taxes can be complex due to various tax classifications (sole proprietorship, partnership, S-Corp) and potential deductions. It's essential to understand how your LLC is taxed and keep detailed records to maximize deductions and ensure compliance.</p></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="8"><div class="px-3 py-2"><div class="w-full h-[400px] p-6 bg-[#FFFFFF] border border-[#E1E1E1] rounded-xl styles_carouselBoxShadow__UFXaR"><p class="text-[#212121] font-bold text-xl">Does my LLC need a Broward business tax receipt?</p><p class="text-[#212121] pt-3 text-base font-normal">Yes, your LLC needs a Broward business tax receipt to legally operate in Broward County. This local tax is separate from state and federal taxes and is not a deductible expense. Ensure compliance to avoid penalties.</p></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="9"><div class="px-3 py-2"><div class="w-full h-[400px] p-6 bg-[#FFFFFF] border border-[#E1E1E1] rounded-xl styles_carouselBoxShadow__UFXaR"><p class="text-[#212121] font-bold text-xl">How do I file LLC taxes as a sole proprietor?</p><p class="text-[#212121] pt-3 text-base font-normal">As a sole proprietor of an LLC, you report business income/expenses on Schedule C (Form 1040). Include all revenue and eligible deductions. Your net income is subject to self-employment tax. Consult a tax CPA for specific advice.</p></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="10"><div class="px-3 py-2"><div class="w-full h-[400px] p-6 bg-[#FFFFFF] border border-[#E1E1E1] rounded-xl styles_carouselBoxShadow__UFXaR"><p class="text-[#212121] font-bold text-xl">How much will your LLC get taxed in California?</p><p class="text-[#212121] pt-3 text-base font-normal">In California, your LLC faces an $800 annual franchise tax, plus a fee based on income if over $250K. Profits pass through to members, who pay personal income tax. Deductions can lower taxable income. Consult for specifics.</p></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="11"><div class="px-3 py-2"><div class="w-full h-[400px] p-6 bg-[#FFFFFF] border border-[#E1E1E1] rounded-xl styles_carouselBoxShadow__UFXaR"><p class="text-[#212121] font-bold text-xl">How do I file business taxes for an LLC?</p><p class="text-[#212121] pt-3 text-base font-normal">To file business taxes for an LLC, report income and expenses on Form 1065 if multi-member, or Schedule C if single-member. Pay self-employment tax and claim deductions. State requirements vary. Consult a CPA for personalized guidance.</p></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="12"><div class="px-3 py-2"><div class="w-full h-[400px] p-6 bg-[#FFFFFF] border border-[#E1E1E1] rounded-xl styles_carouselBoxShadow__UFXaR"><p class="text-[#212121] font-bold text-xl">How do I get a tax ID for an LLC?</p><p class="text-[#212121] pt-3 text-base font-normal">To get a tax ID for your LLC, apply for an Employer Identification Number (EIN) through the IRS website. This ID is essential for tax filing, opening a business bank account, and claiming deductions. It’s free and usually issued immediately.</p></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="13"><div class="px-3 py-2"><div class="w-full h-[400px] p-6 bg-[#FFFFFF] border border-[#E1E1E1] rounded-xl styles_carouselBoxShadow__UFXaR"><p class="text-[#212121] font-bold text-xl">How can I utilize an LLC for saving taxes on W-2 income?</p><p class="text-[#212121] pt-3 text-base font-normal">Using an LLC for W-2 income can help you save on taxes by allowing you to take business deductions. By converting some of your W-2 income into business income, you can deduct expenses like home office, travel, and supplies, reducing your taxable income.</p></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="14"><div class="px-3 py-2"><div class="w-full h-[400px] p-6 bg-[#FFFFFF] border border-[#E1E1E1] rounded-xl styles_carouselBoxShadow__UFXaR"><p class="text-[#212121] font-bold text-xl">What happens if an LLC does not pay sales tax?</p><p class="text-[#212121] pt-3 text-base font-normal">If an LLC does not pay sales tax, it may face penalties, interest, and legal action from tax authorities. Unpaid sales tax can't be claimed as deductions and can result in liens or business closure. Always ensure timely payment to avoid issues.</p></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="15"><div class="px-3 py-2"><div class="w-full h-[400px] p-6 bg-[#FFFFFF] border border-[#E1E1E1] rounded-xl styles_carouselBoxShadow__UFXaR"><p class="text-[#212121] font-bold text-xl">Does an LLC get taxed at both the state and federal levels?</p><p class="text-[#212121] pt-3 text-base font-normal">An LLC can be taxed at both state and federal levels. Federally, it's typically a pass-through entity, so income is taxed on personal returns. State taxes vary by state. Deductions may apply to reduce taxable income. Consult a tax CPA for specifics.</p></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="16"><div class="px-3 py-2"><div class="w-full h-[400px] p-6 bg-[#FFFFFF] border border-[#E1E1E1] rounded-xl styles_carouselBoxShadow__UFXaR"><p class="text-[#212121] font-bold text-xl">How much does an LLC get taxed in California?</p><p class="text-[#212121] pt-3 text-base font-normal">In California, LLCs pay an $800 annual franchise tax, plus a fee based on income over $250,000. Profits pass through to owners and are taxed on their personal returns. Deductions may reduce taxable income. Consult a CPA for personalized advice.</p></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="17"><div class="px-3 py-2"><div class="w-full h-[400px] p-6 bg-[#FFFFFF] border border-[#E1E1E1] rounded-xl styles_carouselBoxShadow__UFXaR"><p class="text-[#212121] font-bold text-xl">How much does an LLC get taxed in Delaware?</p><p class="text-[#212121] pt-3 text-base font-normal">In Delaware, an LLC typically pays an annual $300 tax. LLCs don't pay state income tax but must file a federal tax return. Taxation depends on income, deductions, and how the LLC is structured (e.g., sole proprietorship, partnership, or corporation).</p></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="18"><div class="px-3 py-2"><div class="w-full h-[400px] p-6 bg-[#FFFFFF] border border-[#E1E1E1] rounded-xl styles_carouselBoxShadow__UFXaR"><p class="text-[#212121] font-bold text-xl">How much does an LLC get taxed in Nevada?</p><p class="text-[#212121] pt-3 text-base font-normal">In Nevada, an LLC doesn't pay state income tax. Instead, members report profits on personal tax returns. Nevada has no state income tax, but federal taxes apply. Deductions can reduce taxable income. Always consult a CPA for personalized advice.</p></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="19"><div class="px-3 py-2"><div class="w-full h-[400px] p-6 bg-[#FFFFFF] border border-[#E1E1E1] rounded-xl styles_carouselBoxShadow__UFXaR"><p class="text-[#212121] font-bold text-xl">How much percent does an LLC get taxed in Delaware?</p><p class="text-[#212121] pt-3 text-base font-normal">In Delaware, an LLC itself isn't taxed on income. Instead, members report profits on personal tax returns. However, there's an annual $300 LLC tax. Deductions and specific tax rates depend on individual circumstances. Always consult for personalized advice.</p></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="20"><div class="px-3 py-2"><div class="w-full h-[400px] p-6 bg-[#FFFFFF] border border-[#E1E1E1] rounded-xl styles_carouselBoxShadow__UFXaR"><p class="text-[#212121] font-bold text-xl">How do I file taxes for an LLC with no income?</p><p class="text-[#212121] pt-3 text-base font-normal">As a tax CPA, I advise you to file Form 1065 for your LLC, even with no income, to report any deductions and maintain compliance. This helps avoid penalties and keeps your LLC in good standing with the IRS.</p></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed swiper-slide-duplicate" data-swiper-slide-index="0"><div class="px-3 py-2"><div class="w-full h-[400px] p-6 bg-[#FFFFFF] border border-[#E1E1E1] rounded-xl styles_carouselBoxShadow__UFXaR"><p class="text-[#212121] font-bold text-xl">Do you pay federal income tax with an LLC?</p><p class="text-[#212121] pt-3 text-base font-normal">An LLC itself typically doesn't pay federal income tax. Instead, profits pass through to members who report them on personal tax returns. Members can claim deductions to reduce taxable income. However, an LLC can elect to be taxed as a corporation.</p></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed swiper-slide-duplicate" data-swiper-slide-index="1"><div class="px-3 py-2"><div class="w-full h-[400px] p-6 bg-[#FFFFFF] border border-[#E1E1E1] rounded-xl styles_carouselBoxShadow__UFXaR"><p class="text-[#212121] font-bold text-xl">Do you pay federal taxes as an LLC in Nevada?</p><p class="text-[#212121] pt-3 text-base font-normal">As an LLC in Nevada, you typically don't pay federal taxes at the entity level. Instead, profits pass through to members who report them on personal tax returns. However, you may owe self-employment taxes and can claim deductions to reduce taxable income.</p></div></div></div></div><div class="swiper-button-prev"></div><div class="swiper-button-next"></div><div class="swiper-pagination"></div></div></div></div><div id="toc" class="w-full gap-10 flex flex-col"><div class="lg:w-[49.13rem] w-full md:mx-auto px-4 rounded-xl p-5 mt-4 border border-white-fade"><p class="md:text-xl md:!leading-8 font-semibold text-grey-500">Table of contents</p><div><div class="flex flex-row my-3"><div class="w-6 h-6 items-center flex justify-around"><svg width="10" height="10" fill="none" xmlns="http://www.w3.org/2000/svg" class="scale-[0.7]"><rect width="10" height="10" rx="5" fill="#000"></rect></svg></div><p class="text-grey-500 w-11/12">What is an LLC and how does it work?...<span class="underline underline-offset-2 lg:cursor-pointer cursor-not-allowed"><a href="#what-is-an-llc-and-how-does-it-work">Read more</a></span></p></div><div class="flex flex-row my-3"><div class="w-6 h-6 items-center flex justify-around"><svg width="10" height="10" fill="none" xmlns="http://www.w3.org/2000/svg" class="scale-[0.7]"><rect width="10" height="10" rx="5" fill="#000"></rect></svg></div><p class="text-grey-500 w-11/12">What does LLC stand for?...<span class="underline underline-offset-2 lg:cursor-pointer cursor-not-allowed"><a href="#what-does-llc-stand-for">Read more</a></span></p></div><div class="flex flex-row my-3"><div class="w-6 h-6 items-center flex justify-around"><svg width="10" height="10" fill="none" xmlns="http://www.w3.org/2000/svg" class="scale-[0.7]"><rect width="10" height="10" rx="5" fill="#000"></rect></svg></div><p class="text-grey-500 w-11/12">Benefits of an LLC...<span class="underline underline-offset-2 lg:cursor-pointer cursor-not-allowed"><a href="#benefits-of-an-llc">Read more</a></span></p></div><div class="flex flex-row my-3"><div class="w-6 h-6 items-center flex justify-around"><svg width="10" height="10" fill="none" xmlns="http://www.w3.org/2000/svg" class="scale-[0.7]"><rect width="10" height="10" rx="5" fill="#000"></rect></svg></div><p class="text-grey-500 w-11/12">Is an LLC a partnership?...<span class="underline underline-offset-2 lg:cursor-pointer cursor-not-allowed"><a href="#is-an-llc-a-partnership">Read more</a></span></p></div><div class="flex flex-row my-3"><div class="w-6 h-6 items-center flex justify-around"><svg width="10" height="10" fill="none" xmlns="http://www.w3.org/2000/svg" class="scale-[0.7]"><rect width="10" height="10" rx="5" fill="#000"></rect></svg></div><p class="text-grey-500 w-11/12">LLC vs S Corp...<span class="underline underline-offset-2 lg:cursor-pointer cursor-not-allowed"><a href="#llc-vs-s-corp">Read more</a></span></p></div><div class="flex flex-row my-3"><div class="w-6 h-6 items-center flex justify-around"><svg width="10" height="10" fill="none" xmlns="http://www.w3.org/2000/svg" class="scale-[0.7]"><rect width="10" height="10" rx="5" fill="#000"></rect></svg></div><p class="text-grey-500 w-11/12">Can an LLC be an S Corp?...<span class="underline underline-offset-2 lg:cursor-pointer cursor-not-allowed"><a href="#can-an-llc-be-an-s-corp">Read more</a></span></p></div><div class="flex flex-row my-3"><div class="w-6 h-6 items-center flex justify-around"><svg width="10" height="10" fill="none" xmlns="http://www.w3.org/2000/svg" class="scale-[0.7]"><rect width="10" height="10" rx="5" fill="#000"></rect></svg></div><p class="text-grey-500 w-11/12">LLC vs C Corp...<span class="underline underline-offset-2 lg:cursor-pointer cursor-not-allowed"><a href="#llc-vs-c-corp">Read more</a></span></p></div><div class="flex flex-row my-3"><div class="w-6 h-6 items-center flex justify-around"><svg width="10" height="10" fill="none" xmlns="http://www.w3.org/2000/svg" class="scale-[0.7]"><rect width="10" height="10" rx="5" fill="#000"></rect></svg></div><p class="text-grey-500 w-11/12">LLC vs Sole Proprietorship...<span class="underline underline-offset-2 lg:cursor-pointer cursor-not-allowed"><a href="#llc-vs-sole-proprietorship">Read more</a></span></p></div><div class="flex flex-row my-3"><div class="w-6 h-6 items-center flex justify-around"><svg width="10" height="10" fill="none" xmlns="http://www.w3.org/2000/svg" class="scale-[0.7]"><rect width="10" height="10" rx="5" fill="#000"></rect></svg></div><p class="text-grey-500 w-11/12">How are LLCs taxed?...<span class="underline underline-offset-2 lg:cursor-pointer cursor-not-allowed"><a href="#how-are-llcs-taxed">Read more</a></span></p></div><div class="flex flex-row my-3"><div class="w-6 h-6 items-center flex justify-around"><svg width="10" height="10" fill="none" xmlns="http://www.w3.org/2000/svg" class="scale-[0.7]"><rect width="10" height="10" rx="5" fill="#000"></rect></svg></div><p class="text-grey-500 w-11/12">Can you deduct LLC filing fees?...<span class="underline underline-offset-2 lg:cursor-pointer cursor-not-allowed"><a href="#can-you-deduct-llc-filing-fees">Read more</a></span></p></div><div class="flex flex-row my-3"><div class="w-6 h-6 items-center flex justify-around"><svg width="10" height="10" fill="none" xmlns="http://www.w3.org/2000/svg" class="scale-[0.7]"><rect width="10" height="10" rx="5" fill="#000"></rect></svg></div><p class="text-grey-500 w-11/12">What is the LLC tax filing deadline for 2024?...<span class="underline underline-offset-2 lg:cursor-pointer cursor-not-allowed"><a href="#what-is-the-llc-tax-filing-deadline-for-2024">Read more</a></span></p></div><div class="flex flex-row my-3"><div class="w-6 h-6 items-center flex justify-around"><svg width="10" height="10" fill="none" xmlns="http://www.w3.org/2000/svg" class="scale-[0.7]"><rect width="10" height="10" rx="5" fill="#000"></rect></svg></div><p class="text-grey-500 w-11/12">What is the difference between single member LLC and multi member LLCs?...<span class="underline underline-offset-2 lg:cursor-pointer cursor-not-allowed"><a href="#what-is-the-difference-between-single-member-llc-and-multi-member-llcs">Read more</a></span></p></div><div class="flex flex-row my-3"><div class="w-6 h-6 items-center flex justify-around"><svg width="10" height="10" fill="none" xmlns="http://www.w3.org/2000/svg" class="scale-[0.7]"><rect width="10" height="10" rx="5" fill="#000"></rect></svg></div><p class="text-grey-500 w-11/12">What are the important LLC tax forms?...<span class="underline underline-offset-2 lg:cursor-pointer cursor-not-allowed"><a href="#what-are-the-important-llc-tax-forms">Read more</a></span></p></div><div class="flex flex-row my-3"><div class="w-6 h-6 items-center flex justify-around"><svg width="10" height="10" fill="none" xmlns="http://www.w3.org/2000/svg" class="scale-[0.7]"><rect width="10" height="10" rx="5" fill="#000"></rect></svg></div><p class="text-grey-500 w-11/12">How does online tax filing for an LLC work?...<span class="underline underline-offset-2 lg:cursor-pointer cursor-not-allowed"><a href="#how-does-online-tax-filing-for-an-llc-work">Read more</a></span></p></div><div class="flex flex-row my-3"><div class="w-6 h-6 items-center flex justify-around"><svg width="10" height="10" fill="none" xmlns="http://www.w3.org/2000/svg" class="scale-[0.7]"><rect width="10" height="10" rx="5" fill="#000"></rect></svg></div><p class="text-grey-500 w-11/12">Filing business taxes for an LLC for the first time...<span class="underline underline-offset-2 lg:cursor-pointer cursor-not-allowed"><a href="#filing-business-taxes-for-an-llc-for-the-first-time">Read more</a></span></p></div><div class="flex flex-row my-3"><div class="w-6 h-6 items-center flex justify-around"><svg width="10" height="10" fill="none" xmlns="http://www.w3.org/2000/svg" class="scale-[0.7]"><rect width="10" height="10" rx="5" fill="#000"></rect></svg></div><p class="text-grey-500 w-11/12">What are some LLC examples?...<span class="underline underline-offset-2 lg:cursor-pointer cursor-not-allowed"><a href="#what-are-some-llc-examples">Read more</a></span></p></div><div class="flex flex-row my-3"><div class="w-6 h-6 items-center flex justify-around"><svg width="10" height="10" fill="none" xmlns="http://www.w3.org/2000/svg" class="scale-[0.7]"><rect width="10" height="10" rx="5" fill="#000"></rect></svg></div><p class="text-grey-500 w-11/12">Can a small business be an LLC?...<span class="underline underline-offset-2 lg:cursor-pointer cursor-not-allowed"><a href="#can-a-small-business-be-an-llc">Read more</a></span></p></div></div></div><div class="flex flex-col gap-10"><div id="what-is-an-llc-and-how-does-it-work" class="relative w-full flex flex-col gap-4 md:mt-1 -mt-3"><h2 class="lg:w-[49.13rem] md:mx-auto md:text-4xl md:!leading-12 text-2xl w-full font-extrabold text-grey-500 ">What is an LLC and <span style="background: linear-gradient(101.76deg, #19ACA4 1.98%, #3563CD 100.59%); -webkit-background-clip: text; -webkit-text-fill-color: transparent; background-clip: text; text-fill-color: transparent;">how does it work?</span></h2> <div class="lg:w-[49.13rem] w-full md:mx-auto my-4"><div class="md:text-xl md:!leading-8 font-normal whitespace-pre-line text-grey-500 ">An LLC is a type of business entity that is a combination of a <a class="font-medium underline text-[#3563CD]" href="https://flyfin.tax/business/sole-proprietorship">sole proprietorship</a> and a <a class="font-medium underline text-[#3563CD]" href="https://flyfin.tax/business/partnership">partnership</a>. Like a corporation, an LLC can have a bank account, buy property and hire employees. One perk of an LLC company is that it offers liability protection. So if your business faces debt or legal trouble, you’re personally protected and your private assets are safe. The owner of an LLC is called a member. There are single person LLCs and multiple member LLCs. LLCs can have only one or multiple members owning different percentages of the business. Even though more than one person can own it, someone cannot buy their way into becoming an owner. So with an LLC, you can’t sell any stock like you can with a corporation. Some famous LLC examples include Hertz, Sony, Nike, eBay, IBM and Amazon. The members, or owners, share in the profits and losses of the business. You don’t need an operating agreement, which defines the responsibilities and investor percentages, to start an LLC company. The management of an LLC varies depending on the company’s size or structure. Managers could include all the members, a committee made up of members or a non-employee that’s hired for the role. When it comes to voting rights, this depends on the amount of capital investments the member holds. Members can also sell or give their portion of the company’s interest to someone else. But this matter needs to be voted on first. One important requirement you’ll need when forming an LLC company is the articles of organization. This outlines how your business will operate, including the management structure, business type and financial details. You’ll also list the names of all the owners or members, the name of the registered agent and the company address and name.</div></div></div><div id="what-does-llc-stand-for" class="relative w-full flex flex-col gap-4 md:mt-1 -mt-3"><h2 class="lg:w-[49.13rem] md:mx-auto md:text-4xl md:!leading-12 text-2xl w-full font-extrabold text-grey-500 ">What does <span style="background: linear-gradient(101.76deg, #19ACA4 1.98%, #3563CD 100.59%); -webkit-background-clip: text; -webkit-text-fill-color: transparent; background-clip: text; text-fill-color: transparent;">LLC stand for?</span></h2> <div class="lg:w-[49.13rem] w-full md:mx-auto my-4"><div class="md:text-xl md:!leading-8 font-normal whitespace-pre-line text-grey-500 ">The LLC meaning is limited liability company. The limited liability company definition is a company in which the owners are only responsible for debts that match the invested capital. So, what does LLC mean? Limited liability is a legal structure where private assets are protected if the business fails, or has debts or lawsuits. So as the business owner, you aren’t held personally responsible for business debts.</div></div></div><div id="benefits-of-an-llc" class="relative w-full flex flex-col gap-4 md:mt-1 -mt-3"><h2 class="lg:w-[49.13rem] md:mx-auto md:text-4xl md:!leading-12 text-2xl w-full font-extrabold text-grey-500 ">Benefits of <span style="background: linear-gradient(101.76deg, #19ACA4 1.98%, #3563CD 100.59%); -webkit-background-clip: text; -webkit-text-fill-color: transparent; background-clip: text; text-fill-color: transparent;">an LLC</span></h2> <div class="lg:w-[49.13rem] w-full md:mx-auto my-4"><div class="md:text-xl md:!leading-8 font-normal whitespace-pre-line text-grey-500 ">When it comes to small businesses, LLC companies are the best option for certain reasons. It’s important to know the <a class="font-medium underline text-[#3563CD]" href="https://flyfin.tax/business/llc/llc-tax-benefits">LLC tax benefits</a> and general benefits of forming this business structure. </div></div><div class="lg:w-[49.13rem] w-full md:mx-auto rounded-xl text-center lg:mx-auto"><div class="md:hidden"><div data-rmiz-wrap="visible" style="display:block"><span style="box-sizing:border-box;display:block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;padding-top:180.92105263157893%"></span><img alt="Image comparing LLC and Partnership on taxation, registration, legal entity, types, and formation. No mention of self-employed, 1099, freelancer, or taxes." title="LLC vs Partnership: Taxation, Registration & Legal Entity" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" decoding="async" data-nimg="responsive" class="hover:opacity-70 lg:cursor-pointer cursor-not-allowed" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%"/><noscript><img alt="Image comparing LLC and Partnership on taxation, registration, legal entity, types, and formation. No mention of self-employed, 1099, freelancer, or taxes." title="LLC vs Partnership: Taxation, Registration & Legal Entity" sizes="100vw" srcSet="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2FBusiness-Org-LLC-Differences-Between-an-LLC-and-Partnership_Mobile.png&w=640&q=100 640w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2FBusiness-Org-LLC-Differences-Between-an-LLC-and-Partnership_Mobile.png&w=750&q=100 750w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2FBusiness-Org-LLC-Differences-Between-an-LLC-and-Partnership_Mobile.png&w=828&q=100 828w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2FBusiness-Org-LLC-Differences-Between-an-LLC-and-Partnership_Mobile.png&w=1080&q=100 1080w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2FBusiness-Org-LLC-Differences-Between-an-LLC-and-Partnership_Mobile.png&w=1200&q=100 1200w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2FBusiness-Org-LLC-Differences-Between-an-LLC-and-Partnership_Mobile.png&w=1920&q=100 1920w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2FBusiness-Org-LLC-Differences-Between-an-LLC-and-Partnership_Mobile.png&w=2048&q=100 2048w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2FBusiness-Org-LLC-Differences-Between-an-LLC-and-Partnership_Mobile.png&w=3840&q=100 3840w" src="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2FBusiness-Org-LLC-Differences-Between-an-LLC-and-Partnership_Mobile.png&w=3840&q=100" decoding="async" data-nimg="responsive" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%" class="hover:opacity-70 lg:cursor-pointer cursor-not-allowed" loading="lazy"/></noscript></span><button aria-label="Zoom image" data-rmiz-btn-open="true"></button></div></div><div class="hidden md:block"><div data-rmiz-wrap="visible" style="display:block"><div><span style="box-sizing:border-box;display:inline-block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative;max-width:100%"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;max-width:100%"><img style="display:block;max-width:100%;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0" alt="" aria-hidden="true" src="data:image/svg+xml,%3csvg%20xmlns=%27http://www.w3.org/2000/svg%27%20version=%271.1%27%20width=%271210%27%20height=%27350%27/%3e"/></span><img alt="Image comparing LLC and Partnership on taxation, registration, legal entity, types, and formation. No mention of self-employed, 1099, freelancer, or taxes." title="LLC vs Partnership: Taxation, Registration & Legal Entity" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" decoding="async" data-nimg="intrinsic" class="hover:opacity-70 lg:cursor-pointer cursor-not-allowed" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%"/><noscript><img alt="Image comparing LLC and Partnership on taxation, registration, legal entity, types, and formation. No mention of self-employed, 1099, freelancer, or taxes." title="LLC vs Partnership: Taxation, Registration & Legal Entity" srcSet="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2FBusiness-Org-LLC-Differences-Between-an-LLC-and-Partnership_Desktop.png&w=1920&q=100 1x, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2FBusiness-Org-LLC-Differences-Between-an-LLC-and-Partnership_Desktop.png&w=3840&q=100 2x" src="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2FBusiness-Org-LLC-Differences-Between-an-LLC-and-Partnership_Desktop.png&w=3840&q=100" decoding="async" data-nimg="intrinsic" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%" class="hover:opacity-70 lg:cursor-pointer cursor-not-allowed" loading="lazy"/></noscript></span></div><button aria-label="Zoom image" data-rmiz-btn-open="true"></button></div></div></div><div class="lg:w-[49.13rem] w-full md:mx-auto flex flex-col gap-6"><div><div class="lg:w-[49.13rem] w-full border border-white-fade rounded-lg py-8 px-6 cursor-not-allowed md:cursor-default"><div class="font-medium flex flex-row items-center justify-between md:cursor-pointer"><div class="flex flex-row items-center justify-start gap-[24px]"><div><div><h3 class="text-grey-500 font-semibold text-xl mt-1">Credibility</h3><p class="text-[#4C4C4C] mt-2"></p></div></div></div><div class="w-4 h-6 my-auto ml-4 mr-2 items-center flex md:mr-3 md:w-6 undefined"><div class="undefined Accordion_accordion_header_toggler__MiYN1 w-8 h-0.25 md:h-0.5 md:w-4 Accordion_line1__F4CEi bg-black"></div><div class="undefined Accordion_accordion_header_toggler__MiYN1 w-8 h-0.25 md:h-0.5 md:w-4 Accordion_line2__2Gd1M bg-black"></div></div></div><div class="ReactCollapse--collapse" style="height:0px;overflow:hidden" aria-hidden="true"><div class="ReactCollapse--content"><div class=""><div class="mt-4"><div class="md:text-xl md:!leading-8 font-normal whitespace-pre-line text-grey-500">Starting a limited liability company may help the new business establish credibility compared to a partnership or sole proprietorship.</div></div></div></div></div></div></div><div><div class="lg:w-[49.13rem] w-full border border-white-fade rounded-lg py-8 px-6 cursor-not-allowed md:cursor-default"><div class="font-medium flex flex-row items-center justify-between md:cursor-pointer"><div class="flex flex-row items-center justify-start gap-[24px]"><div><div><h3 class="text-grey-500 font-semibold text-xl mt-1">Affordability</h3><p class="text-[#4C4C4C] mt-2"></p></div></div></div><div class="w-4 h-6 my-auto ml-4 mr-2 items-center flex md:mr-3 md:w-6 undefined"><div class="undefined Accordion_accordion_header_toggler__MiYN1 w-8 h-0.25 md:h-0.5 md:w-4 Accordion_line1__F4CEi bg-black"></div><div class="undefined Accordion_accordion_header_toggler__MiYN1 w-8 h-0.25 md:h-0.5 md:w-4 Accordion_line2__2Gd1M bg-black"></div></div></div><div class="ReactCollapse--collapse" style="height:0px;overflow:hidden" aria-hidden="true"><div class="ReactCollapse--content"><div class=""><div class="mt-4"><div class="md:text-xl md:!leading-8 font-normal whitespace-pre-line text-grey-500">LLCs are a low-cost option. The filing fee ranges from $40 to $500, depending on the state’s requirements. Plus, there’s less paperwork to fill out, saving more on filing fees, and there’s no attorney requirement. Although sole proprietorships are another affordable option, they don’t offer liability protection, which could lead to high financial costs later on.</div></div></div></div></div></div></div><div><div class="lg:w-[49.13rem] w-full border border-white-fade rounded-lg py-8 px-6 cursor-not-allowed md:cursor-default"><div class="font-medium flex flex-row items-center justify-between md:cursor-pointer"><div class="flex flex-row items-center justify-start gap-[24px]"><div><div><h3 class="text-grey-500 font-semibold text-xl mt-1">Flexibility with taxes</h3><p class="text-[#4C4C4C] mt-2"></p></div></div></div><div class="w-4 h-6 my-auto ml-4 mr-2 items-center flex md:mr-3 md:w-6 undefined"><div class="undefined Accordion_accordion_header_toggler__MiYN1 w-8 h-0.25 md:h-0.5 md:w-4 Accordion_line1__F4CEi bg-black"></div><div class="undefined Accordion_accordion_header_toggler__MiYN1 w-8 h-0.25 md:h-0.5 md:w-4 Accordion_line2__2Gd1M bg-black"></div></div></div><div class="ReactCollapse--collapse" style="height:0px;overflow:hidden" aria-hidden="true"><div class="ReactCollapse--content"><div class=""><div class="mt-4"><div class="md:text-xl md:!leading-8 font-normal whitespace-pre-line text-grey-500">Single person LLCs are taxed as sole proprietorships. Multi member LLCs have a few more options for LLC taxation. They can be taxed as partnerships, S Corps or C Corps. This is a big LLC tax benefit. </div></div></div></div></div></div></div><div><div class="lg:w-[49.13rem] w-full border border-white-fade rounded-lg py-8 px-6 cursor-not-allowed md:cursor-default"><div class="font-medium flex flex-row items-center justify-between md:cursor-pointer"><div class="flex flex-row items-center justify-start gap-[24px]"><div><div><h3 class="text-grey-500 font-semibold text-xl mt-1">Liability protection</h3><p class="text-[#4C4C4C] mt-2"></p></div></div></div><div class="w-4 h-6 my-auto ml-4 mr-2 items-center flex md:mr-3 md:w-6 undefined"><div class="undefined Accordion_accordion_header_toggler__MiYN1 w-8 h-0.25 md:h-0.5 md:w-4 Accordion_line1__F4CEi bg-black"></div><div class="undefined Accordion_accordion_header_toggler__MiYN1 w-8 h-0.25 md:h-0.5 md:w-4 Accordion_line2__2Gd1M bg-black"></div></div></div><div class="ReactCollapse--collapse" style="height:0px;overflow:hidden" aria-hidden="true"><div class="ReactCollapse--content"><div class=""><div class="mt-4"><div class="md:text-xl md:!leading-8 font-normal whitespace-pre-line text-grey-500">Starting a business is risky, but having a business protection plan can make all the difference. Most people see this LLC tax benefit as a key to choosing to form an LLC company. LLCs offer liability protection, which means you’re personally protected from any debt or lawsuits against the business.</div></div></div></div></div></div></div><div><div class="lg:w-[49.13rem] w-full border border-white-fade rounded-lg py-8 px-6 cursor-not-allowed md:cursor-default"><div class="font-medium flex flex-row items-center justify-between md:cursor-pointer"><div class="flex flex-row items-center justify-start gap-[24px]"><div><div><h3 class="text-grey-500 font-semibold text-xl mt-1">Simplicity</h3><p class="text-[#4C4C4C] mt-2"></p></div></div></div><div class="w-4 h-6 my-auto ml-4 mr-2 items-center flex md:mr-3 md:w-6 undefined"><div class="undefined Accordion_accordion_header_toggler__MiYN1 w-8 h-0.25 md:h-0.5 md:w-4 Accordion_line1__F4CEi bg-black"></div><div class="undefined Accordion_accordion_header_toggler__MiYN1 w-8 h-0.25 md:h-0.5 md:w-4 Accordion_line2__2Gd1M bg-black"></div></div></div><div class="ReactCollapse--collapse" style="height:0px;overflow:hidden" aria-hidden="true"><div class="ReactCollapse--content"><div class=""><div class="mt-4"><div class="md:text-xl md:!leading-8 font-normal whitespace-pre-line text-grey-500">Starting an LLC company is relatively simple since there’s little paperwork involved. Plus, you don’t even need an attorney to form an LLC. They’re also less regulated than a corporation since you don’t need a board of directors and there’s no monthly shareholder meeting requirement.</div></div></div></div></div></div></div></div></div><div id="is-an-llc-a-partnership" class="relative w-full flex flex-col gap-4 md:mt-1 -mt-3"><h2 class="lg:w-[49.13rem] md:mx-auto md:text-4xl md:!leading-12 text-2xl w-full font-extrabold text-grey-500 ">Is an LLC a <span style="background: linear-gradient(101.76deg, #19ACA4 1.98%, #3563CD 100.59%); -webkit-background-clip: text; -webkit-text-fill-color: transparent; background-clip: text; text-fill-color: transparent;">partnership?</span></h2> <div class="lg:w-[49.13rem] w-full md:mx-auto my-4"><div class="md:text-xl md:!leading-8 font-normal whitespace-pre-line text-grey-500 ">You might be wondering, is an LLC a partnership? Although they both offer pass-through taxation, LLCs and partnerships have distinct differences.</div></div><div class="lg:w-[49.13rem] w-full md:mx-auto rounded-xl text-center lg:mx-auto"><div class="md:hidden"><div data-rmiz-wrap="visible" style="display:block"><span style="box-sizing:border-box;display:block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;padding-top:197.36842105263156%"></span><img alt="Image with text describing the benefits of starting an LLC, including low cost, tax flexibility, liability protection, and simplicity. Relevant for self-employed, 1099, and freelance workers managing taxes." title="Top Reasons to Start an LLC: Credibility, Low Cost, Tax Flexibility & Liability Protection" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" decoding="async" data-nimg="responsive" class="hover:opacity-70 lg:cursor-pointer cursor-not-allowed" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%"/><noscript><img alt="Image with text describing the benefits of starting an LLC, including low cost, tax flexibility, liability protection, and simplicity. Relevant for self-employed, 1099, and freelance workers managing taxes." title="Top Reasons to Start an LLC: Credibility, Low Cost, Tax Flexibility & Liability Protection" sizes="100vw" srcSet="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2FBusiness-Org-LLC-Credibility_Mobile.png&w=640&q=100 640w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2FBusiness-Org-LLC-Credibility_Mobile.png&w=750&q=100 750w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2FBusiness-Org-LLC-Credibility_Mobile.png&w=828&q=100 828w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2FBusiness-Org-LLC-Credibility_Mobile.png&w=1080&q=100 1080w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2FBusiness-Org-LLC-Credibility_Mobile.png&w=1200&q=100 1200w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2FBusiness-Org-LLC-Credibility_Mobile.png&w=1920&q=100 1920w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2FBusiness-Org-LLC-Credibility_Mobile.png&w=2048&q=100 2048w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2FBusiness-Org-LLC-Credibility_Mobile.png&w=3840&q=100 3840w" src="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2FBusiness-Org-LLC-Credibility_Mobile.png&w=3840&q=100" decoding="async" data-nimg="responsive" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%" class="hover:opacity-70 lg:cursor-pointer cursor-not-allowed" loading="lazy"/></noscript></span><button aria-label="Zoom image" data-rmiz-btn-open="true"></button></div></div><div class="hidden md:block"><div data-rmiz-wrap="visible" style="display:block"><div><span style="box-sizing:border-box;display:inline-block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative;max-width:100%"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;max-width:100%"><img style="display:block;max-width:100%;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0" alt="" aria-hidden="true" src="data:image/svg+xml,%3csvg%20xmlns=%27http://www.w3.org/2000/svg%27%20version=%271.1%27%20width=%271210%27%20height=%27350%27/%3e"/></span><img alt="Image with text describing the benefits of starting an LLC, including low cost, tax flexibility, liability protection, and simplicity. Relevant for self-employed, 1099, and freelance workers managing taxes." title="Top Reasons to Start an LLC: Credibility, Low Cost, Tax Flexibility & Liability Protection" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" decoding="async" data-nimg="intrinsic" class="hover:opacity-70 lg:cursor-pointer cursor-not-allowed" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%"/><noscript><img alt="Image with text describing the benefits of starting an LLC, including low cost, tax flexibility, liability protection, and simplicity. Relevant for self-employed, 1099, and freelance workers managing taxes." title="Top Reasons to Start an LLC: Credibility, Low Cost, Tax Flexibility & Liability Protection" srcSet="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2FBusiness-Org-LLC-Credibility_Desktop.png&w=1920&q=100 1x, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2FBusiness-Org-LLC-Credibility_Desktop.png&w=3840&q=100 2x" src="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2FBusiness-Org-LLC-Credibility_Desktop.png&w=3840&q=100" decoding="async" data-nimg="intrinsic" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%" class="hover:opacity-70 lg:cursor-pointer cursor-not-allowed" loading="lazy"/></noscript></span></div><button aria-label="Zoom image" data-rmiz-btn-open="true"></button></div></div></div></div><div id="llc-vs-s-corp" class="relative w-full flex flex-col gap-4 md:mt-1 -mt-3"><h2 class="lg:w-[49.13rem] md:mx-auto md:text-4xl md:!leading-12 text-2xl w-full font-extrabold text-grey-500 ">LLC vs <span style="background: linear-gradient(101.76deg, #19ACA4 1.98%, #3563CD 100.59%); -webkit-background-clip: text; -webkit-text-fill-color: transparent; background-clip: text; text-fill-color: transparent;">S Corp</span></h2> <div class="lg:w-[49.13rem] w-full md:mx-auto my-4"><div class="md:text-xl md:!leading-8 font-normal whitespace-pre-line text-grey-500 ">Limited liability companies and <a class="font-medium underline text-[#3563CD]" href="https://flyfin.tax/business/s-corp">S corporations</a> have some things in common, but they also have significant differences. Let’s start with the similarities. Both entities offer limited liability protection, meaning individual business owners aren’t held personally responsible for any debts or liabilities. Also, both are considered entities that are separate and pass-through. A separate entity needs to be started at the state level and pass-through entities don’t pay any taxes at the business level. LLCs and S Corps have to follow certain state regulations like appointing a registered agent and paying annual fees. Now onto the differences between LLCs and S Corps. LLCs can have unlimited members, whereas S Corps can only have up to 100. With an S corporation, all the shareholders must be U.S. citizens, but LLCs have no restrictions. They also can’t be owned by an LLC, corporation, partnership or most trusts. S Corporations have officers and directors to help oversee business affairs and handle any big decisions. In terms of taxation, S corporations can consider the owner an employee, saving on <a class="font-medium underline text-[#3563CD]" href="https://flyfin.tax/self-employment-tax-calculator">self-employment taxes</a>. LLC taxation involves paying self-employment taxes on their income because they’re taxed on a personal income level and not a business level. And <a class="font-medium underline text-[#3563CD]" href="https://flyfin.tax/quarterly-tax-calculator">quarterly tax payments</a> will be due. Filing taxes for an LLC can file as a sole proprietorship, partnership, S Corp or C Corp. The tax forms needed will differ based on if you’re <a class="font-medium underline text-[#3563CD]" href="https://flyfin.tax/business/llc/do-i-file-my-llc-and-personal-taxes-together">filing your personal and business taxes together</a> or not. </div></div></div><div id="can-an-llc-be-an-s-corp" class="relative w-full flex flex-col gap-4 md:mt-1 -mt-3"><h2 class="lg:w-[49.13rem] md:mx-auto md:text-4xl md:!leading-12 text-2xl w-full font-extrabold text-grey-500 ">Can an LLC <span style="background: linear-gradient(101.76deg, #19ACA4 1.98%, #3563CD 100.59%); -webkit-background-clip: text; -webkit-text-fill-color: transparent; background-clip: text; text-fill-color: transparent;">be an S Corp?</span></h2> <div class="lg:w-[49.13rem] w-full md:mx-auto my-4"><div class="md:text-xl md:!leading-8 font-normal whitespace-pre-line text-grey-500 ">An LLC can elect to be <a class="font-medium underline text-[#3563CD]" href="https://flyfin.tax/business/llc/should-i-file-my-llc-taxes-as-an-s-corp">taxed as an S Corporation</a>. To change its tax status, the LLC must file Form 2553 with the IRS to elect S Corp taxation. Instead of reporting all the profits as personal income, the LLC’s owners can pay themselves a reasonable salary. Even though the legal structure remains the same, LLC tax reporting will change to S Corp rules. So when you file LLC documents, it might be different. </div></div></div><div id="llc-vs-c-corp" class="relative w-full flex flex-col gap-4 md:mt-1 -mt-3"><h2 class="lg:w-[49.13rem] md:mx-auto md:text-4xl md:!leading-12 text-2xl w-full font-extrabold text-grey-500 ">LLC vs <span style="background: linear-gradient(101.76deg, #19ACA4 1.98%, #3563CD 100.59%); -webkit-background-clip: text; -webkit-text-fill-color: transparent; background-clip: text; text-fill-color: transparent;">C Corp</span></h2> <div class="lg:w-[49.13rem] w-full md:mx-auto my-4"><div class="md:text-xl md:!leading-8 font-normal whitespace-pre-line text-grey-500 ">When it comes to comparing an LLC vs <a class="font-medium underline text-[#3563CD]" href="https://flyfin.tax/business/c-corp">C Corp</a>, each has advantages to consider. For example, both companies limit the liability of owners when it comes to company debt. Both can also own other companies and get banking services. LLCs are often chosen for side projects, small teams or businesses unsure of their long-term business goals. This is because money and intellectual property can freely flow between the LLC itself and the LLC members without tax implications. Although possible with a C Corp, this route requires you to keep extensive records. C Corps are attractive to investors because of the tax structure, business management and ownership. When choosing a business entity, the taxation process plays an important role when making decisions. C Corps file their own taxes and are taxed twice. The company pays corporate taxes, and the owners are taxed when they receive profits or salaries. <a class="font-medium underline text-[#3563CD]" href="https://flyfin.tax/business/llc/filing-business-taxes-for-llc-for-the-first-time">LLC taxes filing</a> depends on the business structure it chooses to be taxed as. </div></div></div><div id="llc-vs-sole-proprietorship" class="relative w-full flex flex-col gap-4 md:mt-1 -mt-3"><h2 class="lg:w-[49.13rem] md:mx-auto md:text-4xl md:!leading-12 text-2xl w-full font-extrabold text-grey-500 ">LLC vs <span style="background: linear-gradient(101.76deg, #19ACA4 1.98%, #3563CD 100.59%); -webkit-background-clip: text; -webkit-text-fill-color: transparent; background-clip: text; text-fill-color: transparent;">Sole Proprietorship</span></h2> <div class="lg:w-[49.13rem] w-full md:mx-auto my-4"><div class="md:text-xl md:!leading-8 font-normal whitespace-pre-line text-grey-500 ">LLCs and sole proprietorships are two of the most common business structures. Sole proprietorships require minimal paperwork, making it the simplest option. On the other hand, forming an LLC company involves a lot of cost and paperwork upfront. Choosing an LLC over a sole proprietorship can protect you from liability and help your business grow.</div></div><div class="lg:w-[49.13rem] w-full md:mx-auto rounded-xl text-center lg:mx-auto"><div class="md:hidden"><div data-rmiz-wrap="visible" style="display:block"><span style="box-sizing:border-box;display:block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;padding-top:197.36842105263156%"></span><img alt="Image explaining why to choose an LLC over a Sole Proprietorship for business. Protect personal assets, expand with multiple owners, and capitalize on tax benefits." title="LLC vs Sole Proprietorship: Benefits & Protection" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" decoding="async" data-nimg="responsive" class="hover:opacity-70 lg:cursor-pointer cursor-not-allowed" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%"/><noscript><img alt="Image explaining why to choose an LLC over a Sole Proprietorship for business. Protect personal assets, expand with multiple owners, and capitalize on tax benefits." title="LLC vs Sole Proprietorship: Benefits & Protection" sizes="100vw" srcSet="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2FBusiness-Org-LLC-Open-an-LLC-over-Sole-Proprietorship_Mobile.png&w=640&q=100 640w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2FBusiness-Org-LLC-Open-an-LLC-over-Sole-Proprietorship_Mobile.png&w=750&q=100 750w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2FBusiness-Org-LLC-Open-an-LLC-over-Sole-Proprietorship_Mobile.png&w=828&q=100 828w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2FBusiness-Org-LLC-Open-an-LLC-over-Sole-Proprietorship_Mobile.png&w=1080&q=100 1080w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2FBusiness-Org-LLC-Open-an-LLC-over-Sole-Proprietorship_Mobile.png&w=1200&q=100 1200w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2FBusiness-Org-LLC-Open-an-LLC-over-Sole-Proprietorship_Mobile.png&w=1920&q=100 1920w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2FBusiness-Org-LLC-Open-an-LLC-over-Sole-Proprietorship_Mobile.png&w=2048&q=100 2048w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2FBusiness-Org-LLC-Open-an-LLC-over-Sole-Proprietorship_Mobile.png&w=3840&q=100 3840w" src="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2FBusiness-Org-LLC-Open-an-LLC-over-Sole-Proprietorship_Mobile.png&w=3840&q=100" decoding="async" data-nimg="responsive" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%" class="hover:opacity-70 lg:cursor-pointer cursor-not-allowed" loading="lazy"/></noscript></span><button aria-label="Zoom image" data-rmiz-btn-open="true"></button></div></div><div class="hidden md:block"><div data-rmiz-wrap="visible" style="display:block"><div><span style="box-sizing:border-box;display:inline-block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative;max-width:100%"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;max-width:100%"><img style="display:block;max-width:100%;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0" alt="" aria-hidden="true" src="data:image/svg+xml,%3csvg%20xmlns=%27http://www.w3.org/2000/svg%27%20version=%271.1%27%20width=%271210%27%20height=%27350%27/%3e"/></span><img alt="Image explaining why to choose an LLC over a Sole Proprietorship for business. Protect personal assets, expand with multiple owners, and capitalize on tax benefits." title="LLC vs Sole Proprietorship: Benefits & Protection" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" decoding="async" data-nimg="intrinsic" class="hover:opacity-70 lg:cursor-pointer cursor-not-allowed" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%"/><noscript><img alt="Image explaining why to choose an LLC over a Sole Proprietorship for business. Protect personal assets, expand with multiple owners, and capitalize on tax benefits." title="LLC vs Sole Proprietorship: Benefits & Protection" srcSet="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2FBusiness-Org-LLC-Open-an-LLC-over-Sole-Proprietorship_Desktop.png&w=1920&q=100 1x, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2FBusiness-Org-LLC-Open-an-LLC-over-Sole-Proprietorship_Desktop.png&w=3840&q=100 2x" src="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2FBusiness-Org-LLC-Open-an-LLC-over-Sole-Proprietorship_Desktop.png&w=3840&q=100" decoding="async" data-nimg="intrinsic" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%" class="hover:opacity-70 lg:cursor-pointer cursor-not-allowed" loading="lazy"/></noscript></span></div><button aria-label="Zoom image" data-rmiz-btn-open="true"></button></div></div></div><div class="lg:w-[49.13rem] w-full md:mx-auto"><div class="md:text-xl md:!leading-8 font-normal whitespace-pre-line text-grey-500">There are a few distinctions when comparing an LLC vs sole proprietorship. When you operate a sole proprietorship, there is no distinction between the business owner and the business. So there’s no need to have a separate <a class="font-medium underline text-[#3563CD]" href="https://flyfin.tax/self-employment-resources/business-banking-account">bank account</a> or credit card, but having a separate account could make it easier to track business expenses. With an LLC, everything needs to be separate, including your bank account and credit card, since you'll be making purchases and signing documents or contracts on behalf of the business. When it comes to taxes, the IRS considers sole proprietors as self-employed. So you’ll list all business expenses on <a class="font-medium underline text-[#3563CD]" href="https://flyfin.tax/tax-forms/schedule-c">Schedule C</a>. Filing taxes as an LLC depends on the entity it is taxed as. </div></div></div><div id="how-are-llcs-taxed" class="relative w-full flex flex-col gap-4 md:mt-1 -mt-3"><h2 class="lg:w-[49.13rem] md:mx-auto md:text-4xl md:!leading-12 text-2xl w-full font-extrabold text-grey-500 ">How are <span style="background: linear-gradient(101.76deg, #19ACA4 1.98%, #3563CD 100.59%); -webkit-background-clip: text; -webkit-text-fill-color: transparent; background-clip: text; text-fill-color: transparent;">LLCs taxed?</span></h2> <div class="lg:w-[49.13rem] w-full md:mx-auto my-4"><div class="md:text-xl md:!leading-8 font-normal whitespace-pre-line text-grey-500 ">LLCs are pretty flexible when it comes to taxes. By default, if you’re a small business LLC with one owner, the IRS treats it as a “disregarded entity,” meaning you’ll report the business income on your personal tax return using Schedule C. If your LLC has more than one owner, it’s treated as a partnership, and you’ll need to file a partnership tax return using Form 1065. However, LLCs can also choose to be taxed as a corporation, either C Corp or S Corp, by filing the appropriate LLC tax form with the IRS. No matter how your LLC is taxed, you should stay on top of LLC taxes.</div></div></div><div id="can-you-deduct-llc-filing-fees" class="relative w-full flex flex-col gap-4 md:mt-1 -mt-3"><h2 class="lg:w-[49.13rem] md:mx-auto md:text-4xl md:!leading-12 text-2xl w-full font-extrabold text-grey-500 ">Can you deduct <span style="background: linear-gradient(101.76deg, #19ACA4 1.98%, #3563CD 100.59%); -webkit-background-clip: text; -webkit-text-fill-color: transparent; background-clip: text; text-fill-color: transparent;">LLC filing fees?</span></h2> <div class="lg:w-[49.13rem] w-full md:mx-auto my-4"><div class="md:text-xl md:!leading-8 font-normal whitespace-pre-line text-grey-500 ">You can deduct LLC filing fees as a business expense. When you're filing business taxes for your LLC, the IRS allows you to write off the costs associated with setting up and maintaining your business, including state filing fees. These are considered ordinary and necessary expenses. One of the benefits of an LLC is the ability to deduct startup and operating costs, which can reduce your taxable income. As long as you track your expenses carefully during the year to make the most of your LLC tax filing, you can maximize your deductions.</div></div></div><div id="what-is-the-llc-tax-filing-deadline-for-2024" class="relative w-full flex flex-col gap-4 md:mt-1 -mt-3"><h2 class="lg:w-[49.13rem] md:mx-auto md:text-4xl md:!leading-12 text-2xl w-full font-extrabold text-grey-500 ">What is the LLC tax filing <span style="background: linear-gradient(101.76deg, #19ACA4 1.98%, #3563CD 100.59%); -webkit-background-clip: text; -webkit-text-fill-color: transparent; background-clip: text; text-fill-color: transparent;">deadline for 2024?</span></h2> <div class="lg:w-[49.13rem] w-full md:mx-auto my-4"><div class="md:text-xl md:!leading-8 font-normal whitespace-pre-line text-grey-500 ">The <a class="font-medium underline text-[#3563CD]" href="https://flyfin.tax/business/llc/llc-tax-filing-deadline-2024">LLC tax filing deadline for 2024</a> depends on how your LLC is taxed. If your LLC is taxed as a sole proprietorship, the deadline aligns with your personal tax return, which is April 15. For LLCs taxed as a partnership, the deadline for filing LLC taxes is March 15. If you miss the deadline, you can file for an extension, giving you six more months, but any taxes owed are still due by the original deadline. Make sure to stay on top of your paperwork and file LLC taxes on time to avoid penalties and interest.</div></div></div><div id="what-is-the-difference-between-single-member-llc-and-multi-member-llcs" class="relative w-full flex flex-col gap-4 md:mt-1 -mt-3"><h2 class="lg:w-[49.13rem] md:mx-auto md:text-4xl md:!leading-12 text-2xl w-full font-extrabold text-grey-500 ">What is the difference between <span style="background: linear-gradient(101.76deg, #19ACA4 1.98%, #3563CD 100.59%); -webkit-background-clip: text; -webkit-text-fill-color: transparent; background-clip: text; text-fill-color: transparent;">single member LLC and multi member LLCs?</span></h2> <div class="lg:w-[49.13rem] w-full md:mx-auto my-4"><div class="md:text-xl md:!leading-8 font-normal whitespace-pre-line text-grey-500 ">The main difference between a <a class="font-medium underline text-[#3563CD]" href="https://flyfin.tax/business/llc/how-to-file-single-member-llc-taxes">single member LLC</a> and a multi-member LLC is how they're owned and taxed. A single person LLC has just one owner, while a multi-member LLC has two or more. For a single person LLC, the owner reports business income and expenses on their personal tax return using Schedule C. In this case, the LLC tax filing date is usually around April 15. A multi-member LLC is taxed as a partnership by default. The LLC itself files Form 1065, and each member reports their share of profits or losses on their personal returns via a Schedule K-1. The LLC tax reporting for partnerships has an earlier deadline—March 15—than single member LLCs. Both types of LLCs provide liability protection for owners, and there are plenty of LLC examples that benefit from this flexibility, depending on how many members are involved and how you want to handle taxes.</div></div></div><div id="what-are-the-important-llc-tax-forms" class="relative w-full flex flex-col gap-4 md:mt-1 -mt-3"><h2 class="lg:w-[49.13rem] md:mx-auto md:text-4xl md:!leading-12 text-2xl w-full font-extrabold text-grey-500 ">What are the <span style="background: linear-gradient(101.76deg, #19ACA4 1.98%, #3563CD 100.59%); -webkit-background-clip: text; -webkit-text-fill-color: transparent; background-clip: text; text-fill-color: transparent;">important LLC tax forms?</span></h2> <div class="lg:w-[49.13rem] w-full md:mx-auto my-4"><div class="md:text-xl md:!leading-8 font-normal whitespace-pre-line text-grey-500 ">When filing taxes with an LLC, there are a few <a class="font-medium underline text-[#3563CD]" href="https://flyfin.tax/business/llc/llc-tax-form">LLC tax forms</a> you'll need to know. If you're a single-member LLC, you’ll use Schedule C. For multi-member LLCs, the IRS requires Form 1065, which is a partnership return, and each member gets a Schedule K-1 showing their share of the profits or losses. If your LLC has elected to be taxed as an S Corporation, you’ll file Form 1120-S. For C Corporation taxation, you’ll need Form 1120. These different LLC tax forms have different deadlines: the LLC tax filing date for a partnership or S Corp is March 15, while single-member LLCs and C Corps must file their LLC tax forms by April 15. </div></div></div><div id="how-does-online-tax-filing-for-an-llc-work" class="relative w-full flex flex-col gap-4 md:mt-1 -mt-3"><h2 class="lg:w-[49.13rem] md:mx-auto md:text-4xl md:!leading-12 text-2xl w-full font-extrabold text-grey-500 ">How does online <span style="background: linear-gradient(101.76deg, #19ACA4 1.98%, #3563CD 100.59%); -webkit-background-clip: text; -webkit-text-fill-color: transparent; background-clip: text; text-fill-color: transparent;">tax filing for an LLC work?</span></h2> <div class="lg:w-[49.13rem] w-full md:mx-auto my-4"><div class="md:text-xl md:!leading-8 font-normal whitespace-pre-line text-grey-500 ">Online tax filing for an LLC makes the process more convenient and faster. Whether you run a single member LLC or a small business LLC with multiple members, the process typically starts with choosing a reputable tax filing service. These platforms guide you through the steps, asking for information about your business income, expenses, and deductions. For a single member LLC, you’ll file your business income on Schedule C. For multi-member LLCs, you'll use Form 1065. Once you've entered all your information, the software will calculate your taxes, check for any errors, and allow you to electronically file LLC taxes directly with the IRS. Make sure to submit your LLC tax filing by the relevant deadlines. </div></div></div><div id="filing-business-taxes-for-an-llc-for-the-first-time" class="relative w-full flex flex-col gap-4 md:mt-1 -mt-3"><h2 class="lg:w-[49.13rem] md:mx-auto md:text-4xl md:!leading-12 text-2xl w-full font-extrabold text-grey-500 ">Filing business taxes for an <span style="background: linear-gradient(101.76deg, #19ACA4 1.98%, #3563CD 100.59%); -webkit-background-clip: text; -webkit-text-fill-color: transparent; background-clip: text; text-fill-color: transparent;">LLC for the first time</span></h2> <div class="lg:w-[49.13rem] w-full md:mx-auto my-4"><div class="md:text-xl md:!leading-8 font-normal whitespace-pre-line text-grey-500 ">Filing business taxes for an LLC for the first time can feel like a big step, but it’s manageable with the right approach. If you're running a single person LLC, you’ll be reporting your business income directly on your personal tax return. The key here is to track all your business expenses. Deducting these costs can significantly reduce your taxable income. If your LLC has more than one member, you'll need to file LLC taxes using Form 1065 and Schedule K-1 to report their share of profits or losses on their personal returns. LLCs also have the option to be taxed as an S Corp or C Corp. Choosing the right LLC taxation option is key, especially in your first year. Whether you're filing as a small business LLC or considering more complex options, getting your paperwork in order and staying ahead of deadlines will make the process smoother. Using tax software or hiring a professional for your first LLC tax filing can help you understand how to file taxes for an LLC.</div></div></div><div id="what-are-some-llc-examples" class="relative w-full flex flex-col gap-4 md:mt-1 -mt-3"><h2 class="lg:w-[49.13rem] md:mx-auto md:text-4xl md:!leading-12 text-2xl w-full font-extrabold text-grey-500 ">What are some <span style="background: linear-gradient(101.76deg, #19ACA4 1.98%, #3563CD 100.59%); -webkit-background-clip: text; -webkit-text-fill-color: transparent; background-clip: text; text-fill-color: transparent;">LLC examples?</span></h2> <div class="lg:w-[49.13rem] w-full md:mx-auto my-4"><div class="md:text-xl md:!leading-8 font-normal whitespace-pre-line text-grey-500 ">A wide variety of businesses benefit from the LLC structure. A freelance graphic designer might set up an LLC to separate personal and business finances. This single member LLC would file taxes using Schedule C on their personal return, simplifying LLC tax reporting. On the other hand, a small consulting firm with multiple partners might form a multi-member LLC. In this case, the company would need to file LLC taxes using Form 1065. This allows for LLC taxes to be distributed among members, avoiding double taxation. Another common LLC example is a family-owned restaurant. Whether it's a single-member LLC or a multi-member operation, the structure allows flexibility in management and protection from personal liability. For a family business, LLC tax filing helps simplify the allocation of income and expenses, making financial management easier. If your LLC has elected to be taxed as an S Corporation or C Corporation, the process involves different LLC tax forms and potentially different LLC tax filing deadlines. Currently, the LLC tax filing deadline 2024 is March 15 for partnerships and S Corps, and April 15 for single-member LLCs and C Corps. </div></div></div><div id="can-a-small-business-be-an-llc" class="relative w-full flex flex-col gap-4 md:mt-1 -mt-3"><h2 class="lg:w-[49.13rem] md:mx-auto md:text-4xl md:!leading-12 text-2xl w-full font-extrabold text-grey-500 ">Can a small <span style="background: linear-gradient(101.76deg, #19ACA4 1.98%, #3563CD 100.59%); -webkit-background-clip: text; -webkit-text-fill-color: transparent; background-clip: text; text-fill-color: transparent;">business be an LLC?</span></h2> <div class="lg:w-[49.13rem] w-full md:mx-auto my-4"><div class="md:text-xl md:!leading-8 font-normal whitespace-pre-line text-grey-500 ">A small business can be an LLC. This structure is popular among entrepreneurs because it combines the benefits of both a corporation and a sole proprietorship. One of the main perks of an LLC is that it provides personal liability protection. This means that if your business faces legal issues or debts, your personal assets are typically safe. When you decide to file LLC, you’ll also want to consider how the LLC taxation works. By default, single-member LLCs are taxed like sole proprietorships, while multi-member LLCs are taxed as partnerships. Filing taxes as LLC can seem daunting at first, but understanding the basics can make the process smoother. You’ll need to fill out specific forms depending on how your LLC is taxed, and stay on top of deadlines. Many small business owners find it helpful to work with a tax professional to ensure everything is filed correctly and to maximize potential deductions. FlyFin's Ultimate Plan is perfect for LLCs, available for just $41 per month. This comprehensive package includes a dedicated CPA who specializes in complex business structures, full state tax filing services, and free audit insurance. Users also benefit from expert guidance on international tax matters, unlimited tax support through one-on-one video calls, and strategic planning. The plan features a business deduction calculator, estimated tax calculator, an income tracker and calculates monthly set-aside amounts. </div></div></div></div></div></div></section><section><div class="lg:w-[49.13rem] w-full md:mx-auto px-4 lg:px-0 md:text-xl font-normal whitespace-pre-line text-grey-500 mb-4"></div></section><section></section><section><div class="relative pb-12 pt-20 px-4 lg:px-31 mx-auto cluster_swiper-container"><div class="rounded-b-lg flex flex-wrap text-white"><div class="swiper mySwiper"><div class="swiper-wrapper"><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed swiper-slide-duplicate" data-swiper-slide-index="5"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">NPO</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">Nonprofit status may be right for your business if you're ready to incorporate and your organization seeks to benefit society.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/business/npo">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed swiper-slide-duplicate" data-swiper-slide-index="6"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">Federal Taxes</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">Paying business tax means following the US corporate tax rate, dealing with federal and state level tax liabilities and filing accurate returns. </p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/business/federal-taxes">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="0"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">C Corp</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">Everything you need to know about C Corp taxes in our comprehensive guide. Learn about Form 1120, understand corporate tax, and how to tax plan for a C Corporation.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/business/c-corp">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="1"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">S Corp</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">Master S Corp taxes by learning how to fill out Form 1120-S. Get clear insights into S Corp taxation to simplify your filing and keep your business compliant.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/business/s-corp">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="2"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">Sole Proprietor</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">A sole proprietorship is a business that has only one employee, who is also the owner. Check how sole proprietors file their taxes.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/business/sole-proprietorship">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="3"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">Partnership</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">Learn about Form 1065 and SChedule K-1 for your partnership taxes. Get guidance for your partnership tax return and make partnership LLC tax filing easy and accurate.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/business/partnership">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="4"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">LLC vs S Corp vs C Corp</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">When we look for an LLC Vs SCorp Vs CCorp comparison, we find a lot of differences between the three, and then there are similarities in taxes and business rules and regulations.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/business/llc-s-corp-vs-c-corp">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="5"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">NPO</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">Nonprofit status may be right for your business if you're ready to incorporate and your organization seeks to benefit society.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/business/npo">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="6"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">Federal Taxes</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">Paying business tax means following the US corporate tax rate, dealing with federal and state level tax liabilities and filing accurate returns. </p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/business/federal-taxes">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed swiper-slide-duplicate" data-swiper-slide-index="0"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">C Corp</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">Everything you need to know about C Corp taxes in our comprehensive guide. Learn about Form 1120, understand corporate tax, and how to tax plan for a C Corporation.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/business/c-corp">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed swiper-slide-duplicate" data-swiper-slide-index="1"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">S Corp</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">Master S Corp taxes by learning how to fill out Form 1120-S. Get clear insights into S Corp taxation to simplify your filing and keep your business compliant.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/business/s-corp">LEARN MORE →</a></div></div></div></div><div class="swiper-button-prev"></div><div class="swiper-button-next"></div><div class="swiper-pagination"></div></div></div></div></section><div class="w-full flex flex-col bg-transparent px-4 lg:px-[120px] pt-12 pb-8 md:py-8"></div><section class="bg-[#FAF9FF] w-full"><div class="2xl:w-[70%] xl:w-[90%] mx-auto grid lg:grid-cols-2 grid-cols-1 gap-4 px-5 xl:gap-20 xl:px-24 pt-8 items-center pb-10 md:mt-20 mt-10"><div class="w-full"><h2 class="md:text-3xl text-2xl text-black font-semibold">What’s FlyFin?</h2><div class="md:text-xl text-base text-[#212121] font-normal lg:whitespace-pre-line md:whitespace-normal whitespace-pre-line mt-4">FlyFin caters to the tax needs of freelancers, gig workers, independent contractors and sole proprietors. But anyone can file taxes through FlyFin! FlyFin tracks all your business expenses automatically using A.I. to find every possible tax deduction. Then, the CPA team files a guaranteed 100% accurate tax return for you – to save you a couple thousand dollars and a ton of time on your taxes. Download the FlyFin app and have your taxes filed in less than fifteen minutes, saving time and more money on your taxes than last year, guaranteed.</div><div class="grid md:grid-cols-3 grid-cols-1 gap-3 md:my-16 my-8"><div class="flex flex-col justify-start md:items-start items-center gap-4 "> <span style="box-sizing:border-box;display:inline-block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative;max-width:100%"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;max-width:100%"><img style="display:block;max-width:100%;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0" alt="" aria-hidden="true" src="data:image/svg+xml,%3csvg%20xmlns=%27http://www.w3.org/2000/svg%27%20version=%271.1%27%20width=%2740%27%20height=%2740%27/%3e"/></span><img alt="https://dem95u0op6keg.cloudfront.net/image/PriceCalculator.webp" 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class="text-black-dark font-semibold md:text-left text-center ">A.I. finds every tax deduction, eliminating 95% of your work</p></div><div class="flex flex-col justify-start md:items-start items-center gap-4 "> <span style="box-sizing:border-box;display:inline-block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative;max-width:100%"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;max-width:100%"><img style="display:block;max-width:100%;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0" alt="" aria-hidden="true" src="data:image/svg+xml,%3csvg%20xmlns=%27http://www.w3.org/2000/svg%27%20version=%271.1%27%20width=%2740%27%20height=%2740%27/%3e"/></span><img alt="https://dem95u0op6keg.cloudfront.net/image/MoneySack.webp" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" 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data-nimg="intrinsic" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%" loading="lazy"/></noscript></span></div><div>Yes</div></div><div class="flex flex-col items-center justify-center gap-2 cursor-pointer"><div><span style="box-sizing:border-box;display:inline-block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative;max-width:100%"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;max-width:100%"><img style="display:block;max-width:100%;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0" alt="" aria-hidden="true" src="data:image/svg+xml,%3csvg%20xmlns=%27http://www.w3.org/2000/svg%27%20version=%271.1%27%20width=%2748%27%20height=%2748%27/%3e"/></span><img 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All Rights Reserved. </div></div></div></div></div></div></div></div><script id="__NEXT_DATA__" type="application/json">{"props":{"pageProps":{"businessType":"llc","dropDownHead":"LLC","currentbusinessTypePageData":{"topSectionTitle":{"boldHead":"A Complete Guide to a Limited Liability Company (LLC)"},"headerText":"A Complete Guide to a \u003cspan style=\"background: linear-gradient(101.76deg, #19ACA4 1.98%, #3563CD 100.59%);\n -webkit-background-clip: text;\n -webkit-text-fill-color: transparent;\n background-clip: text;\n text-fill-color: transparent;\"\u003eLimited Liability Company (LLC)\u003c/span\u003e","taxFormBriefText":"An LLC company is a great option for small business owners for growth, protection and credibility. This guide will cover the deadline for filing LLC taxes, LLC examples, how are LLCs taxed, how to file taxes for LLCs, LLC tax filing deadline 2024, filing business taxes for LLC for the first time, can you deduct LLC filing fees and LLC tax benefits.","tableOfContents":[{"headText":"What is an LLC and \u003cspan style=\"background: linear-gradient(101.76deg, #19ACA4 1.98%, #3563CD 100.59%);\n -webkit-background-clip: text;\n -webkit-text-fill-color: transparent;\n background-clip: text;\n text-fill-color: transparent;\"\u003ehow does it work?\u003c/span\u003e","contentText":"An LLC is a type of business entity that is a combination of a \u003ca class=\"font-medium underline text-[#3563CD]\" href=\"https://flyfin.tax/business/sole-proprietorship\"\u003esole proprietorship\u003c/a\u003e and a \u003ca class=\"font-medium underline text-[#3563CD]\" href=\"https://flyfin.tax/business/partnership\"\u003epartnership\u003c/a\u003e. Like a corporation, an LLC can have a bank account, buy property and hire employees.\n\nOne perk of an LLC company is that it offers liability protection. So if your business faces debt or legal trouble, you’re personally protected and your private assets are safe.\n\nThe owner of an LLC is called a member. There are single person LLCs and multiple member LLCs. LLCs can have only one or multiple members owning different percentages of the business. \n\nEven though more than one person can own it, someone cannot buy their way into becoming an owner. So with an LLC, you can’t sell any stock like you can with a corporation. Some famous LLC examples include Hertz, Sony, Nike, eBay, IBM and Amazon.\n\nThe members, or owners, share in the profits and losses of the business. You don’t need an operating agreement, which defines the responsibilities and investor percentages, to start an LLC company.\n\nThe management of an LLC varies depending on the company’s size or structure. Managers could include all the members, a committee made up of members or a non-employee that’s hired for the role. When it comes to voting rights, this depends on the amount of capital investments the member holds. Members can also sell or give their portion of the company’s interest to someone else. But this matter needs to be voted on first.\n\nOne important requirement you’ll need when forming an LLC company is the articles of organization. This outlines how your business will operate, including the management structure, business type and financial details. You’ll also list the names of all the owners or members, the name of the registered agent and the company address and name."},{"headText":"What does \u003cspan style=\"background: linear-gradient(101.76deg, #19ACA4 1.98%, #3563CD 100.59%);\n -webkit-background-clip: text;\n -webkit-text-fill-color: transparent;\n background-clip: text;\n text-fill-color: transparent;\"\u003eLLC stand for?\u003c/span\u003e","contentText":"The LLC meaning is limited liability company. The limited liability company definition is a company in which the owners are only responsible for debts that match the invested capital. So, what does LLC mean? Limited liability is a legal structure where private assets are protected if the business fails, or has debts or lawsuits. So as the business owner, you aren’t held personally responsible for business debts."},{"headText":"Benefits of \u003cspan style=\"background: linear-gradient(101.76deg, #19ACA4 1.98%, #3563CD 100.59%);\n -webkit-background-clip: text;\n -webkit-text-fill-color: transparent;\n background-clip: text;\n text-fill-color: transparent;\"\u003ean LLC\u003c/span\u003e","contentText":"When it comes to small businesses, LLC companies are the best option for certain reasons. It’s important to know the \u003ca class=\"font-medium underline text-[#3563CD]\" href=\"https://flyfin.tax/business/llc/llc-tax-benefits\"\u003eLLC tax benefits\u003c/a\u003e and general benefits of forming this business structure. ","contentImage1":{"mobile":{"url":"/image/Business-Org-LLC-Differences-Between-an-LLC-and-Partnership_Mobile.png","width":304,"height":550},"desktop":{"url":"/image/Business-Org-LLC-Differences-Between-an-LLC-and-Partnership_Desktop.png","width":1210,"height":350},"title":"LLC vs Partnership: Taxation, Registration \u0026 Legal Entity","altText":"Image comparing LLC and Partnership on taxation, registration, legal entity, types, and formation. No mention of self-employed, 1099, freelancer, or taxes."},"subContent":{"subContentType":1,"subContentData":[{"subHeadText":"Credibility","subContentText":"Starting a limited liability company may help the new business establish credibility compared to a partnership or sole proprietorship."},{"subHeadText":"Affordability","subContentText":"LLCs are a low-cost option. The filing fee ranges from $40 to $500, depending on the state’s requirements. Plus, there’s less paperwork to fill out, saving more on filing fees, and there’s no attorney requirement. Although sole proprietorships are another affordable option, they don’t offer liability protection, which could lead to high financial costs later on."},{"subHeadText":"Flexibility with taxes","subContentText":"Single person LLCs are taxed as sole proprietorships. Multi member LLCs have a few more options for LLC taxation. They can be taxed as partnerships, S Corps or C Corps. This is a big LLC tax benefit. "},{"subHeadText":"Liability protection","subContentText":"Starting a business is risky, but having a business protection plan can make all the difference. Most people see this LLC tax benefit as a key to choosing to form an LLC company. LLCs offer liability protection, which means you’re personally protected from any debt or lawsuits against the business."},{"subHeadText":"Simplicity","subContentText":"Starting an LLC company is relatively simple since there’s little paperwork involved. Plus, you don’t even need an attorney to form an LLC. They’re also less regulated than a corporation since you don’t need a board of directors and there’s no monthly shareholder meeting requirement."}]}},{"headText":"Is an LLC a \u003cspan style=\"background: linear-gradient(101.76deg, #19ACA4 1.98%, #3563CD 100.59%);\n -webkit-background-clip: text;\n -webkit-text-fill-color: transparent;\n background-clip: text;\n text-fill-color: transparent;\"\u003epartnership?\u003c/span\u003e","contentText":"You might be wondering, is an LLC a partnership? Although they both offer pass-through taxation, LLCs and partnerships have distinct differences.","contentImage1":{"mobile":{"url":"/image/Business-Org-LLC-Credibility_Mobile.png","width":304,"height":600},"desktop":{"url":"/image/Business-Org-LLC-Credibility_Desktop.png","width":1210,"height":350},"title":"Top Reasons to Start an LLC: Credibility, Low Cost, Tax Flexibility \u0026 Liability Protection","altText":"Image with text describing the benefits of starting an LLC, including low cost, tax flexibility, liability protection, and simplicity. Relevant for self-employed, 1099, and freelance workers managing taxes."}},{"headText":"LLC vs \u003cspan style=\"background: linear-gradient(101.76deg, #19ACA4 1.98%, #3563CD 100.59%);\n -webkit-background-clip: text;\n -webkit-text-fill-color: transparent;\n background-clip: text;\n text-fill-color: transparent;\"\u003eS Corp\u003c/span\u003e","contentText":"Limited liability companies and \u003ca class=\"font-medium underline text-[#3563CD]\" href=\"https://flyfin.tax/business/s-corp\"\u003eS corporations\u003c/a\u003e have some things in common, but they also have significant differences.\n\nLet’s start with the similarities. Both entities offer limited liability protection, meaning individual business owners aren’t held personally responsible for any debts or liabilities. Also, both are considered entities that are separate and pass-through. \n\nA separate entity needs to be started at the state level and pass-through entities don’t pay any taxes at the business level. LLCs and S Corps have to follow certain state regulations like appointing a registered agent and paying annual fees.\n\nNow onto the differences between LLCs and S Corps. LLCs can have unlimited members, whereas S Corps can only have up to 100. With an S corporation, all the shareholders must be U.S. citizens, but LLCs have no restrictions. They also can’t be owned by an LLC, corporation, partnership or most trusts. S Corporations have officers and directors to help oversee business affairs and handle any big decisions.\n\nIn terms of taxation, S corporations can consider the owner an employee, saving on \u003ca class=\"font-medium underline text-[#3563CD]\" href=\"https://flyfin.tax/self-employment-tax-calculator\"\u003eself-employment taxes\u003c/a\u003e. LLC taxation involves paying self-employment taxes on their income because they’re taxed on a personal income level and not a business level. And \u003ca class=\"font-medium underline text-[#3563CD]\" href=\"https://flyfin.tax/quarterly-tax-calculator\"\u003equarterly tax payments\u003c/a\u003e will be due.\n\nFiling taxes for an LLC can file as a sole proprietorship, partnership, S Corp or C Corp. The tax forms needed will differ based on if you’re \u003ca class=\"font-medium underline text-[#3563CD]\" href=\"https://flyfin.tax/business/llc/do-i-file-my-llc-and-personal-taxes-together\"\u003efiling your personal and business taxes together\u003c/a\u003e or not. "},{"headText":"Can an LLC \u003cspan style=\"background: linear-gradient(101.76deg, #19ACA4 1.98%, #3563CD 100.59%);\n -webkit-background-clip: text;\n -webkit-text-fill-color: transparent;\n background-clip: text;\n text-fill-color: transparent;\"\u003ebe an S Corp?\u003c/span\u003e","contentText":"An LLC can elect to be \u003ca class=\"font-medium underline text-[#3563CD]\" href=\"https://flyfin.tax/business/llc/should-i-file-my-llc-taxes-as-an-s-corp\"\u003etaxed as an S Corporation\u003c/a\u003e. To change its tax status, the LLC must file Form 2553 with the IRS to elect S Corp taxation. Instead of reporting all the profits as personal income, the LLC’s owners can pay themselves a reasonable salary. Even though the legal structure remains the same, LLC tax reporting will change to S Corp rules. So when you file LLC documents, it might be different. "},{"headText":"LLC vs \u003cspan style=\"background: linear-gradient(101.76deg, #19ACA4 1.98%, #3563CD 100.59%);\n -webkit-background-clip: text;\n -webkit-text-fill-color: transparent;\n background-clip: text;\n text-fill-color: transparent;\"\u003eC Corp\u003c/span\u003e","contentText":"When it comes to comparing an LLC vs \u003ca class=\"font-medium underline text-[#3563CD]\" href=\"https://flyfin.tax/business/c-corp\"\u003eC Corp\u003c/a\u003e, each has advantages to consider. For example, both companies limit the liability of owners when it comes to company debt. Both can also own other companies and get banking services.\n\nLLCs are often chosen for side projects, small teams or businesses unsure of their long-term business goals. This is because money and intellectual property can freely flow between the LLC itself and the LLC members without tax implications. Although possible with a C Corp, this route requires you to keep extensive records. C Corps are attractive to investors because of the tax structure, business management and ownership.\n\nWhen choosing a business entity, the taxation process plays an important role when making decisions. C Corps file their own taxes and are taxed twice. The company pays corporate taxes, and the owners are taxed when they receive profits or salaries. \u003ca class=\"font-medium underline text-[#3563CD]\" href=\"https://flyfin.tax/business/llc/filing-business-taxes-for-llc-for-the-first-time\"\u003eLLC taxes filing\u003c/a\u003e depends on the business structure it chooses to be taxed as. "},{"headText":"LLC vs \u003cspan style=\"background: linear-gradient(101.76deg, #19ACA4 1.98%, #3563CD 100.59%);\n -webkit-background-clip: text;\n -webkit-text-fill-color: transparent;\n background-clip: text;\n text-fill-color: transparent;\"\u003eSole Proprietorship\u003c/span\u003e","contentText":"LLCs and sole proprietorships are two of the most common business structures. Sole proprietorships require minimal paperwork, making it the simplest option. On the other hand, forming an LLC company involves a lot of cost and paperwork upfront. Choosing an LLC over a sole proprietorship can protect you from liability and help your business grow.","contentImage1":{"mobile":{"url":"/image/Business-Org-LLC-Open-an-LLC-over-Sole-Proprietorship_Mobile.png","width":304,"height":600},"desktop":{"url":"/image/Business-Org-LLC-Open-an-LLC-over-Sole-Proprietorship_Desktop.png","width":1210,"height":350},"title":"LLC vs Sole Proprietorship: Benefits \u0026 Protection","altText":"Image explaining why to choose an LLC over a Sole Proprietorship for business. Protect personal assets, expand with multiple owners, and capitalize on tax benefits."},"postImage1Text":"There are a few distinctions when comparing an LLC vs sole proprietorship. When you operate a sole proprietorship, there is no distinction between the business owner and the business. So there’s no need to have a separate \u003ca class=\"font-medium underline text-[#3563CD]\" href=\"https://flyfin.tax/self-employment-resources/business-banking-account\"\u003ebank account\u003c/a\u003e or credit card, but having a separate account could make it easier to track business expenses.\n\nWith an LLC, everything needs to be separate, including your bank account and credit card, since you'll be making purchases and signing documents or contracts on behalf of the business. When it comes to taxes, the IRS considers sole proprietors as self-employed. So you’ll list all business expenses on \u003ca class=\"font-medium underline text-[#3563CD]\" href=\"https://flyfin.tax/tax-forms/schedule-c\"\u003eSchedule C\u003c/a\u003e. Filing taxes as an LLC depends on the entity it is taxed as. "},{"headText":"How are \n\u003cspan style=\"background: linear-gradient(101.76deg, #19ACA4 1.98%, #3563CD 100.59%);\n -webkit-background-clip: text;\n -webkit-text-fill-color: transparent;\n background-clip: text;\n text-fill-color: transparent;\"\u003eLLCs taxed?\u003c/span\u003e","contentText":"LLCs are pretty flexible when it comes to taxes. By default, if you’re a small business LLC with one owner, the IRS treats it as a “disregarded entity,” meaning you’ll report the business income on your personal tax return using Schedule C. If your LLC has more than one owner, it’s treated as a partnership, and you’ll need to file a partnership tax return using Form 1065. However, LLCs can also choose to be taxed as a corporation, either C Corp or S Corp, by filing the appropriate LLC tax form with the IRS. No matter how your LLC is taxed, you should stay on top of LLC taxes."},{"headText":"Can you deduct \u003cspan style=\"background: linear-gradient(101.76deg, #19ACA4 1.98%, #3563CD 100.59%);\n -webkit-background-clip: text;\n -webkit-text-fill-color: transparent;\n background-clip: text;\n text-fill-color: transparent;\"\u003eLLC filing fees?\u003c/span\u003e","contentText":"You can deduct LLC filing fees as a business expense. When you're filing business taxes for your LLC, the IRS allows you to write off the costs associated with setting up and maintaining your business, including state filing fees. These are considered ordinary and necessary expenses. One of the benefits of an LLC is the ability to deduct startup and operating costs, which can reduce your taxable income. As long as you track your expenses carefully during the year to make the most of your LLC tax filing, you can maximize your deductions."},{"headText":"What is the LLC tax filing \u003cspan style=\"background: linear-gradient(101.76deg, #19ACA4 1.98%, #3563CD 100.59%);\n -webkit-background-clip: text;\n -webkit-text-fill-color: transparent;\n background-clip: text;\n text-fill-color: transparent;\"\u003edeadline for 2024?\u003c/span\u003e","contentText":"The \u003ca class=\"font-medium underline text-[#3563CD]\" href=\"https://flyfin.tax/business/llc/llc-tax-filing-deadline-2024\"\u003eLLC tax filing deadline for 2024\u003c/a\u003e depends on how your LLC is taxed. If your LLC is taxed as a sole proprietorship, the deadline aligns with your personal tax return, which is April 15. For LLCs taxed as a partnership, the deadline for filing LLC taxes is March 15. If you miss the deadline, you can file for an extension, giving you six more months, but any taxes owed are still due by the original deadline. Make sure to stay on top of your paperwork and file LLC taxes on time to avoid penalties and interest."},{"headText":"What is the difference between \u003cspan style=\"background: linear-gradient(101.76deg, #19ACA4 1.98%, #3563CD 100.59%);\n -webkit-background-clip: text;\n -webkit-text-fill-color: transparent;\n background-clip: text;\n text-fill-color: transparent;\"\u003esingle member LLC and multi member LLCs?\u003c/span\u003e","contentText":"The main difference between a \u003ca class=\"font-medium underline text-[#3563CD]\" href=\"https://flyfin.tax/business/llc/how-to-file-single-member-llc-taxes\"\u003esingle member LLC\u003c/a\u003e and a multi-member LLC is how they're owned and taxed. A single person LLC has just one owner, while a multi-member LLC has two or more. For a single person LLC, the owner reports business income and expenses on their personal tax return using Schedule C. In this case, the LLC tax filing date is usually around April 15.\n\nA multi-member LLC is taxed as a partnership by default. The LLC itself files Form 1065, and each member reports their share of profits or losses on their personal returns via a Schedule K-1. The LLC tax reporting for partnerships has an earlier deadline—March 15—than single member LLCs. \n\nBoth types of LLCs provide liability protection for owners, and there are plenty of LLC examples that benefit from this flexibility, depending on how many members are involved and how you want to handle taxes."},{"headText":"What are the \u003cspan style=\"background: linear-gradient(101.76deg, #19ACA4 1.98%, #3563CD 100.59%);\n -webkit-background-clip: text;\n -webkit-text-fill-color: transparent;\n background-clip: text;\n text-fill-color: transparent;\"\u003eimportant LLC tax forms?\u003c/span\u003e","contentText":"When filing taxes with an LLC, there are a few \u003ca class=\"font-medium underline text-[#3563CD]\" href=\"https://flyfin.tax/business/llc/llc-tax-form\"\u003eLLC tax forms\u003c/a\u003e you'll need to know. If you're a single-member LLC, you’ll use Schedule C. For multi-member LLCs, the IRS requires Form 1065, which is a partnership return, and each member gets a Schedule K-1 showing their share of the profits or losses.\n\nIf your LLC has elected to be taxed as an S Corporation, you’ll file Form 1120-S. For C Corporation taxation, you’ll need Form 1120. These different LLC tax forms have different deadlines: the LLC tax filing date for a partnership or S Corp is March 15, while single-member LLCs and C Corps must file their LLC tax forms by April 15. "},{"headText":"How does online \u003cspan style=\"background: linear-gradient(101.76deg, #19ACA4 1.98%, #3563CD 100.59%);\n -webkit-background-clip: text;\n -webkit-text-fill-color: transparent;\n background-clip: text;\n text-fill-color: transparent;\"\u003etax filing for an LLC work?\u003c/span\u003e","contentText":"Online tax filing for an LLC makes the process more convenient and faster. Whether you run a single member LLC or a small business LLC with multiple members, the process typically starts with choosing a reputable tax filing service. These platforms guide you through the steps, asking for information about your business income, expenses, and deductions. \n\nFor a single member LLC, you’ll file your business income on Schedule C. For multi-member LLCs, you'll use Form 1065. Once you've entered all your information, the software will calculate your taxes, check for any errors, and allow you to electronically file LLC taxes directly with the IRS. Make sure to submit your LLC tax filing by the relevant deadlines. "},{"headText":"Filing business taxes for an \u003cspan style=\"background: linear-gradient(101.76deg, #19ACA4 1.98%, #3563CD 100.59%);\n -webkit-background-clip: text;\n -webkit-text-fill-color: transparent;\n background-clip: text;\n text-fill-color: transparent;\"\u003eLLC for the first time\u003c/span\u003e","contentText":"Filing business taxes for an LLC for the first time can feel like a big step, but it’s manageable with the right approach. If you're running a single person LLC, you’ll be reporting your business income directly on your personal tax return. The key here is to track all your business expenses. Deducting these costs can significantly reduce your taxable income.\n\nIf your LLC has more than one member, you'll need to file LLC taxes using Form 1065 and Schedule K-1 to report their share of profits or losses on their personal returns. \n\nLLCs also have the option to be taxed as an S Corp or C Corp. Choosing the right LLC taxation option is key, especially in your first year. Whether you're filing as a small business LLC or considering more complex options, getting your paperwork in order and staying ahead of deadlines will make the process smoother. Using tax software or hiring a professional for your first LLC tax filing can help you understand how to file taxes for an LLC."},{"headText":"What are some \u003cspan style=\"background: linear-gradient(101.76deg, #19ACA4 1.98%, #3563CD 100.59%);\n -webkit-background-clip: text;\n -webkit-text-fill-color: transparent;\n background-clip: text;\n text-fill-color: transparent;\"\u003eLLC examples?\u003c/span\u003e","contentText":"A wide variety of businesses benefit from the LLC structure. A freelance graphic designer might set up an LLC to separate personal and business finances. This single member LLC would file taxes using Schedule C on their personal return, simplifying LLC tax reporting.\n\nOn the other hand, a small consulting firm with multiple partners might form a multi-member LLC. In this case, the company would need to file LLC taxes using Form 1065. This allows for LLC taxes to be distributed among members, avoiding double taxation.\n\nAnother common LLC example is a family-owned restaurant. Whether it's a single-member LLC or a multi-member operation, the structure allows flexibility in management and protection from personal liability. For a family business, LLC tax filing helps simplify the allocation of income and expenses, making financial management easier.\n\nIf your LLC has elected to be taxed as an S Corporation or C Corporation, the process involves different LLC tax forms and potentially different LLC tax filing deadlines. Currently, the LLC tax filing deadline 2024 is March 15 for partnerships and S Corps, and April 15 for single-member LLCs and C Corps. "},{"headText":"Can a small \u003cspan style=\"background: linear-gradient(101.76deg, #19ACA4 1.98%, #3563CD 100.59%);\n -webkit-background-clip: text;\n -webkit-text-fill-color: transparent;\n background-clip: text;\n text-fill-color: transparent;\"\u003ebusiness be an LLC?\u003c/span\u003e","contentText":"A small business can be an LLC. This structure is popular among entrepreneurs because it combines the benefits of both a corporation and a sole proprietorship. One of the main perks of an LLC is that it provides personal liability protection. This means that if your business faces legal issues or debts, your personal assets are typically safe.\n\nWhen you decide to file LLC, you’ll also want to consider how the LLC taxation works. By default, single-member LLCs are taxed like sole proprietorships, while multi-member LLCs are taxed as partnerships. \n\nFiling taxes as LLC can seem daunting at first, but understanding the basics can make the process smoother. You’ll need to fill out specific forms depending on how your LLC is taxed, and stay on top of deadlines. Many small business owners find it helpful to work with a tax professional to ensure everything is filed correctly and to maximize potential deductions. \n\nFlyFin's Ultimate Plan is perfect for LLCs, available for just $41 per month. This comprehensive package includes a dedicated CPA who specializes in complex business structures, full state tax filing services, and free audit insurance. Users also benefit from expert guidance on international tax matters, unlimited tax support through one-on-one video calls, and strategic planning. The plan features a business deduction calculator, estimated tax calculator, an income tracker and calculates monthly set-aside amounts. "}],"whatsFlyFinText":"FlyFin caters to the tax needs of freelancers, gig workers, independent contractors and sole proprietors.\n\nBut anyone can file taxes through FlyFin! FlyFin tracks all your business expenses automatically using A.I. to find every possible tax deduction. \n\nThen, the CPA team files a guaranteed 100% accurate tax return for you – to save you a couple thousand dollars and a ton of time on your taxes.\n\nDownload the FlyFin app and have your taxes filed in less than fifteen minutes, saving time and more money on your taxes than last year, guaranteed.","whatsFlyFinBadgeData":[{"imageUrl":"/image/PriceCalculator.webp","label":"Expert tax CPAs ensure\n 100%-accurate tax filing"},{"imageUrl":"/image/AiBrain.webp","label":"A.I. finds every tax deduction,\n eliminating 95% of your work"},{"imageUrl":"/image/MoneySack.webp","label":"On average users\n save $3,700"}],"whatsFlyFinRightImage":{"url":"/image/whatsFlyfinRight.png","width":305,"height":615},"metas":{"title":"Filing LLC Taxes: Important Tax Forms, Types of Taxation, Deadlines","desc":"Learn how to file LLC for your small business, navigate LLC taxes and tackle single member LLC tax reporting. FlyFin can help file taxes as an LLC and save on taxes."}},"carouselData":[{"endPoint":"c-corp","head":"C Corp","supportedText":"Everything you need to know about C Corp taxes in our comprehensive guide. Learn about Form 1120, understand corporate tax, and how to tax plan for a C Corporation.","link":"https://flyfin.tax/business/c-corp"},{"endPoint":"s-corp","head":"S Corp","supportedText":"Master S Corp taxes by learning how to fill out Form 1120-S. Get clear insights into S Corp taxation to simplify your filing and keep your business compliant.","link":"https://flyfin.tax/business/s-corp"},{"endPoint":"sole-proprietorship","head":"Sole Proprietor","supportedText":"A sole proprietorship is a business that has only one employee, who is also the owner. Check how sole proprietors file their taxes.","link":"https://flyfin.tax/business/sole-proprietorship"},{"endPoint":"partnership","head":"Partnership","supportedText":"Learn about Form 1065 and SChedule K-1 for your partnership taxes. Get guidance for your partnership tax return and make partnership LLC tax filing easy and accurate.","link":"https://flyfin.tax/business/partnership"},{"endPoint":"llc-s-corp-vs-c-corp","head":"LLC vs S Corp vs C Corp","supportedText":"When we look for an LLC Vs SCorp Vs CCorp comparison, we find a lot of differences between the three, and then there are similarities in taxes and business rules and regulations.","link":"https://flyfin.tax/business/llc-s-corp-vs-c-corp"},{"endPoint":"npo","head":"NPO","supportedText":"Nonprofit status may be right for your business if you're ready to incorporate and your organization seeks to benefit society.","link":"https://flyfin.tax/business/npo"},{"endPoint":"federal-taxes","head":"Federal Taxes","supportedText":"Paying business tax means following the US corporate tax rate, dealing with federal and state level tax liabilities and filing accurate returns. 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