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To find out what state-specific LLC taxation rules apply to your business, visit your state’s Department of Revenue. This is especially true if the benefits of liability protection do not outweigh the cost of the state tax. This $800 tax is one reason why some small businesses elect not to form an LLC. However, there is also an annual flat tax of $800 for all LLCs - regardless of their earnings for the year. In California, for example, there is an income-based annual fee for any LLC earning more than $250,000 in a single tax year. LLC taxation details, fees, and requirements also vary from state to state depending on the state’s taxes and licenses.

If electing for S-Corp taxation status, the profits and losses of LLC are reported on IRS Form 2553.

If electing for C-Corp taxation status, the profits and losses of LLC are reported on IRS Form 8832.

However, LLC members can also choose to be taxed as a Corporation: If more than one member set up an LLC, it is referred to as a “ Multi-Member LLC.” By default, multi-member LLCs are taxed as Partnerships, which means the profits and losses of the LLC are passed to each member’s individual Federal tax return (IRS Form 1040). If a husband and wife form an LLC together, some states (such as California) allow the business to be classified as a single-member LLC for Federal tax purposes. If only one person is establishing an LLC, it is called a “ Single-Member LLC.” A single-member LLC is taxed as a Sole Proprietor, which means that profits and losses of that LLC are passed to the individual’s federal tax return (IRS Form 1040).

LLC taxation depends on the type of LLC you form.