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Q.How does a single member LLC report its taxes?
A.A limited liability company (LLC) is wonderful tool for small business entrepreneurs, especially those who own investment properties, but their flexibility sometimes makes the bookkeeping complicated. Typically, a single member LLC is treated for income tax purposes as a sole proprietorship. As such, the single member LLC does not need to file any special tax return (other than the two-page Schedule C form that goes with the business owner’s individual tax return).
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