My friend and I started a multi-member LLC in the U.S. What compliance steps are specific to multi-member LLCs, and how do they differ from single-member LLCs?
Answer by: abdullah-al-naim
4 weeks ago
For multi-member LLCs, compliance includes:
Operating Agreement: Clearly define roles, profit sharing, and dispute resolution.
Partnership Tax Return (Form 1065): Report the LLC’s income to the IRS.
K-1 Forms: Issue these to members for individual tax filings.
Single-member LLCs file taxes differently, typically using Schedule C.
