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If i have a partnership llc do i need to file business tax forms with ny or only personal income tax in ny?

Question: If i have a partnership llc do i need to file business tax forms with ny or only personal income tax in ny?

(Posted by: on 2011-03-29 14:20:46)

Does an LLC partnership file business taxes in NY or only personal income taxes stemming from the business?


Answers:

Posted by: tro on 2011-03-29, 15:35:10

If you formed an LLC as a partnership you file a 1065 and corresponding form for your state since it is an entity of its own it files its own taxes, you file you own taxes, if you are a partner you will get a K(1) to report on your own SchC

  

Posted by: Bash Limpbutt’s Oozing Cyst© on 2011-03-29, 14:27:30

Of course! See here: tax.ny.gov/ forms/ partner_llc_llp_cur_forms.htm Better yet, hire a PRO as you obviously have no idea what you are doing, and Frankenstein gets pretty hard to control when he’s hungry.

  

Posted by: Herrmann on 2011-03-29, 14:41:27

“partnership LLC ” An LLC is a disregarded entity by the IRS. Since they do not formally recognize it, you must elect how it is going to be treated. By your question, it sounds like you’ve elected to file as a Partnership (Form 1065). The income will be divided amongst the members and they will receive a K-1. this will be reported on their personal returns. You will also have to file the 1065 with the IRS and whatever form your state uses for Partnership returns.

  

Posted by: mrreliable3599 on 2011-03-29, 14:51:05

Assuming “partnership LLC ” means multiple owners. The entity is a partnership by default, unless you elect to be taxed as a corporation. Yes, the LLC needs to file business tax returns for NY. Hire a professional. Don’t try this at home. I don’t know why people think it’s easy, but it’s not. Most K-1’s I get from clients require a call from me to the person who prepared the partnership return to get details about items listed on Schedule K-1. What are you going to say when the other partner’s tax accountant calls and asks for a reconciliation of capital account and inside basis, or asks about AMT adjustments?

  

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