As we just discussed, it means partnerships. They are supposed to be treated as multi-member LLCs. LLCs owned by husband and wife are tricky for tax purposes.If you have such multi-member LLC, and you filed a Form 7004 extension on March 15th, then your deadline is now, September 15th. Partnerships must file a separate partnership return on Form 1065, which was due on March 15th. The IRS treats them as partnerships, unless they specifically elected to be taxed as corporations which is rare. LLCs owned by more than one person are naturally called multi-member LLCs.Those are due on October 15, provided an extension was filed on April 15th. Instead, all business activities of single-member LLCs are reported on its owner’s individual tax returns. It means exactly what it sounds like: the IRS ignores them, and these LLC do not need to file a tax return – at all. The IRS considers single-member LLCs to be disregarded entities. If your LLC has yourself as its only member, then it is a single-member LLC.If you did not – then your LLC is not a corporation. If you did – you would probably remember.
In order for an LLC to become a corporation, you had to file a special request with the IRS. Most LLCs (Limited Liability Corporations) are NOT corporations.Now bear with me, as this can get a little confusing, especially with LLCs. Other multi-member LLCs: September 15th.Husband-wife LLCs in Texas: October 15th.General and limited partnerships (GPs, LPs): September 15th.
I’ll start with a concise summary, followed by a more detailed explanation: