Legal Question in Tax Law in Maryland

LLC & Income Tax Fillings

If a LCC is owned and managed by a single person, does he/she use Schedule C of Form 1040 (Profit or Loss from Bussiness)for tax purposes.


Asked on 10/07/99, 1:00 pm

2 Answers from Attorneys
MYRON LEWIS MYRON LEWIS

Re: LLC & Income Tax Fillings

Yes, I believe so. (You can verify this w/cking. the IRS instructions for Schedule C.)

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Answered on 10/08/99, 9:12 am
Lawrence Graves Coolidge & Graves PLLC

Re: LLC & Income Tax Fillings

Yes -- a single-member LLC is a disregarded entity, so the sole owner files as if the LLC were a sole proprietorship.

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Answered on 10/08/99, 9:22 am


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