Multi-Member LLC For partnerships and co-founders.
A multi-member LLC is a Limited Liability Company with two or more owners. By default, the IRS treats it as a partnership and requires filing Form 1065 annually. The Operating Agreement is the most important internal document, defining how members vote, share profits, handle additions and departures, and resolve disputes.
A multi-member LLC (MMLLC) is a Limited Liability Company with two or more owners. By default, it is taxed as a partnership and files Form 1065 with the IRS, issuing Schedule K-1 to each member for their share of income, deductions, and credits.
Here is what that actually means.
Multi-member LLCs are the typical structure for co-founders going into business together. Each member contributes capital (cash, equipment, services, or sweat equity), receives a percentage ownership in the LLC, and shares in profits and losses based on the Operating Agreement.
The Operating Agreement is critical. It defines capital contributions, ownership percentages (which can differ from contribution percentages), profit and loss allocation (which can differ from ownership), management structure (member-managed vs manager-managed), voting rights, transfer restrictions, buy-sell provisions, and dissolution procedures.
Tax-wise, multi-member LLCs are pass-through entities. The LLC files Form 1065 annually but does not pay income tax. Each member receives a Schedule K-1 showing their share of LLC items, and reports those on their personal Form 1040. Self-employment tax applies to active members' shares.
The four things to know.
Common situations.
Related concepts side by side.
Common questions.
How is a multi-member LLC taxed?
What is the deadline for Form 1065?
How are profits split?
Can members get paid a salary?
How do members add or leave the LLC?
What if members disagree?
Can a multi-member LLC have foreign members?
Can a multi-member LLC elect S-Corp tax treatment?
How is self-employment tax handled?
Related guides.
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