Custom Auto Body & Detailing, LLC, is a limited liability company. Its members include Dennis and Estelle. Like other LLCs w

Question

Molodets [167]

3 years ago

12

Custom Auto Body & Detailing, LLC, is a limited liability company. Its members include Dennis and Estelle. Like other LLCs w

ith more than one member, unless indicated otherwise, the firm will automatically be taxed as

Social Studies

1 answer:

sladkih [1.3K] · Answer 1 · 2022-04-08T22:33:07+03:00

Answer:

It will be taxed as a partnership.

Explanation:

An LLC with more than one member will always be taxed as a partnership, as the IRS doesn't recognize LLCs as business entities for tax purposes. The partnership will have to file an information return on IRS Form 1065 to pay its taxes.