Partnership LLC filing in the state of Virginia?

We formed a two member LLC in the state of VA in 2012. What forms do we need to file to the state and to the IRS?

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  • Bobbie
    Lv 7
    8 years ago
    Favorite Answer

    Specifically, a domestic LLC with at least two members is classified as a partnership for federal income tax purposes unless it files Form 8832 and affirmatively elects to be treated as a corporation.

    http://www.irs.gov/Individuals/Self-Employed/LLC-F...

    Pursuant to the entity classification rules, a domestic entity that has more than one member will default to a partnership. Thus, an LLC with multiple owners can either accept its default classification as a partnership, or file Form 8832 to elect to be classified as an association taxable as a corporation.

    Filing

    If the LLC is a partnership, normal partnership tax rules will apply to the LLC and it should file a Form 1065, U.S. Return of Partnership Income (PDF). Each owner should show their pro-rata share of partnership income, credits and deductions on Schedule K-1 (1065), Partner’s Share of Income, Deductions, Credits, etc. Generally, members of LLCs filing Partnership Returns pay self-employment tax on their share of partnership earnings.

    For additional information on the kinds of tax returns to file, how to handle employment taxes and possible pitfalls, refer to Publication 3402, Tax Issues for Limited Liability Companies (PDF).

    S Corporations, Partnerships and Limited Liability Companies

    http://www.tax.virginia.gov/site.cfm?alias=pte

    For taxable years beginning on or after January 1, 2004, every pass-through entity that does business in Virginia or receives income from Virginia sources must file an income tax return on Form 502(PDF 33Kb) .

    Hope that you fnd the above enclosed information useful. 11/29/2012

  • 8 years ago

    Form 1065 for the partnership for federal. Each partner will receive a Schedule K-1 from the partnership with information needed to include income and deductions on their personal returns.

    I'm not sure about Virginia state taxes. Hopefully someone else on here can answer that part.

  • tro
    Lv 7
    8 years ago

    for Federal you will file a 1065

    go to your state income tax web site for the forms they require

  • 4 years ago

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