Limited Liability Company (LLC)

An LLC offers additional flexibility from a tax perspective. Additionally, it is worth checking into some of the legal protections it can provide. An LLC is a business structure available in the United States and the State of Oregon. From a tax perspective the owner(s), known as Members, can select how to file. If you are the only owner of a business it’s worth considering setting up a Single Member LLC as it files on your personal tax return similar to a Sole Proprietor.

Multi-owner LLC’s many times elect to file as a Partnership. The form 1065 will be used with some modifications for filing as an LLC.

LLC’s can also be taxed as an S-Corp or C-Corp. Additional IRS filings would need to be made to elect these statuses. There are also LLC dissolution implications based on State and Federal rules.