White Paper

7 Pages
  • 7 Pages

Limited Liability Company Tax Planning


The LLC, which is taxed as a partnership, has its own tax advantages.

A limited liability company (LLC) is taxed under U.S. tax law as a partnership and annually files Form 1065 Partnership tax return. The Form 1065 is for the two or more owners (known as members). The LLC is a flowthru entity whose profits and losses flow thru to the owners. The Form 1065 is an informational tax return, which is not a taxable entity, but reports tax information. LLC taxation is a “conduit taxation” which does not pay an entity level tax (as compared to C Corporations). The LLC is a conduit through which income, deductions and credits and other items flow thru to the members (as stated under the US partnership tax rules, see IRC Sec. 701). The LLC and its owners (members) are separate entities. They each must file separate tax returns. The LLC can choose a tax year different from the partners. Download this white paper to continue reading.



Gary S. Wolfe

The Wolfe Law Group

Our author, Gary S. Wolfe, has more than 34 years of experience, specializing in IRS Tax Audits and International Tax Planning/Tax Compliance, and International Asset Protection.

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