Legal Question in Business Law in Indiana
Are income tax responsibility completely separate for an LLC and the personal taxes for the owner
Asked on 9/20/11, 6:46 am
1 Answer from Attorneys
Jason Lopp
Young, Lind, Endres & Kraft, LLC
This depends on the tax election of the LLC. If it elects to be taxed as a partnership, then no. The LLC files an informational return and the taxes flow through to the owner's personal 1040.
Answered on 9/26/11, 5:24 am
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