Taxes · LLC

What Tax forms do I need to file for my multi-member LLC?

Pierre Thys MBA Candidate at Harvard Business School, CEO at PH Socks

February 8th, 2016

I formed my LLC in GA in 2015. We are a three member LLC with online sales last year. 

From my research, I understand that I need to:
  • File form 8832 for us to be classified as a partnership
  • File form 1065 for the overall LLC partnership taxes
  • Create the Schedule K-1 (1065) out of the 1065 form
  • File for Georgia Annual registration
Is this correct? I also read LLCs file form 1120? (s-corp)

What is more advantageous? Any guidance is much appreciated!

David Still Founder of Start-ups, Entrepreneur, Financier and Advisor

February 8th, 2016

As a founder of startups and lawyer, I strongly advise you to not do this work by yourself. There are firms that specialize in providing incorporation and tax services for attorneys; e.g. M. Burr Keim Company in Philadelphia. I would advise you to get a local attorney who uses these services for federal, state, multistate and local work. This falls under the category "never legally represent yourself". Even as a lawyer, I would never do this work myself.

Mark Wilson

February 8th, 2016

Pierre: As an LLC you definitely do Not file and 1120 (that is for Corporations) nor an 1120-S ( that is for Corporations that have made a valid Subchapter S election). Your online sales may have multi-state reporting implications. If you want to email me directly I can give you some more specific guidance. I am a CPA. Mark Sent from my iPhone