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Page 1: How Business Structure Affects Your Taxes

Number of OwnersLimited LiabilityPass-through TaxTax Forms

2 or moreNoYesSchedule K-1 of Form 1065

Partnership

Number of OwnersLimited LiabilityPass-through TaxTax Forms

1 or moreYesNoForm 1120

Corporation

Number of OwnersLimited LiabilityPass-through TaxTax Forms

1YesYesSchedule C of Form 1040

Single-member LLC

Number of OwnersLimited LiabilityPass-through TaxTax Forms

2 or moreYesYesSchedule K-1 of Form 1065

Multi-member LLC

Number of OwnersLimited LiabilityPass-through TaxTax Forms

1NoYesSchedule C of Form 1040

Sole Proprietorship

HOW

BUSINESS STRUCTUREAFFECTS TAXES

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