GoFuckYourself.com - Adult Webmaster Forum - View Single Post - People who have LLC...Do you file your federal income tax for the company as:

V_RocKs · 07-24-2005, 11:51 PM

LLC pays income tax as a sole proprietor. An LLC isn't good for taxes, it is only good as a vehicle for keeping you and your business seperated.

I was once a van shuttle driver. I got sued because my partner got into an accident. Had we setup the business as an LLC I wouldn't have been sued by the customers. Just the business would have. By the grace of God, the judge decided to remove me from the list of defendants. My partner had to take out a second mortgage to pay off the damages from the suit.

As for taxes, if you are alone, taxes are filed on your 1040, if a partner or several, file a Schedule K to break up the income of the business, then each of you files your own 1040 based on what the Schedule K left you.

07-24-2005, 11:51 PM
V_RocKs Damn Right I Kiss Ass! Industry Role: Join Date: Dec 2003 Location: Cowtown, USA Posts: 32,422	LLC pays income tax as a sole proprietor. An LLC isn't good for taxes, it is only good as a vehicle for keeping you and your business seperated. I was once a van shuttle driver. I got sued because my partner got into an accident. Had we setup the business as an LLC I wouldn't have been sued by the customers. Just the business would have. By the grace of God, the judge decided to remove me from the list of defendants. My partner had to take out a second mortgage to pay off the damages from the suit. As for taxes, if you are alone, taxes are filed on your 1040, if a partner or several, file a Schedule K to break up the income of the business, then each of you files your own 1040 based on what the Schedule K left you.