Kiritsis & Associates


3 Ways Single Member LLCs report taxes differently than multi-member LLCs . -- Kiritsis Law Firm Group 212 922 0005

Apr 27, 2021

Tax reporting often refers to the sausage making that goes into determining tax compliance and tax liabilities.

1. Form 1065 is only available to LLCs with many members. This form is generally available to entities that are treated like partnerships for federal tax purposes. A partnership must have at a minimum 2 owners/operators.

2. Generally, K-1s are issued only to LLCs with many members. This form is only generated, primarily, by Form 1065 and Form 1120S files. Since, an LLC will likely stick by its default, disregarded entity status, it would neither file Form 1065, nor Form 1120S. It is important to note, that a single member LLC, which has undertaken a complex procedure to make an S Corp election, could be a Form 1120S filer, and thus generate K-1 to its owner.

3. Only LLCs with one member are treated as disregarded entities. Multi member LLCs are considered as partnerships for federal tax purposes, but may elect corporate income tax treatment status. Whereas, single member LLCs are considered, under federal tax rules, as a disregarded entity, which may elect corporate income tax status.


Law Offices of Kiritsis & Associates 

Phone # 212 922 0005

Manhattan Office (Main Office):

633 Third Avenue

New York, NY 10017

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7309 Ventnor Avenue

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