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Multi-member LLC

An LLC with two or more owners; a partnership for US tax, filing Form 1065 with a Schedule K-1 for each member.

The short answer, then the detailChecked September 2026

The detail

What it means in practice.

With two or more owners, an LLC is a partnership for federal tax unless it elects to be taxed as a corporation. It files Form 1065 and gives each member a Schedule K-1. A partnership doesn't file Form 5472, which is for corporations and foreign-owned single-member LLCs. The operating agreement matters far more with two owners than with one.

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