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Yes - LLC with several members is generally considered as partnership.
A partnership is the relationship existing between two or more persons who join to carry on a trade or business.
Each person contributes money, property, labor or skill, and expects to share in the profits and losses of the business.
A partnership must file an annual information return to report the income, deductions, gains, losses, etc., from its operations, but it does not pay income tax. Instead, it "passes through" any profits or losses to its partners. Each partner includes his or her share of the partnership's income or loss on his or her tax return.
Some additional information about partnerships may be found in IRS Publication 541 - http://www.irs.gov/publications/p541/index.html
The LLC may choose to be treated as S-corporation. You may read more about different business structures here - http://www.irs.gov/businesses/small/article/0,,id=200274,00.html
Members should not "sell" trucks to the LLC. If trucks are used for business - they are depreciated. If trucks are used partially for business and partially for personal purposes - the basis for depreciation should be prorated.
You may find more details in IRS Publication 946, How To Depreciate Property - http://www.irs.gov/pub/irs-pdf/p946.pdf
Let me know if you need any help.
The trucks are owned by the individuals, but used in the partnership(llc) for business purposes. Are the trucks depreciated on the individuals returns or on the partnership return? And on what form? Another question, can the partnership purchase and own a truck itself.
All business income and expenses are reported on the partnership tax return.
Partnership should issue schedules K-1 to each partner reporting net taxable income - http://www.irs.gov/pub/irs-pdf/f1065sk1.pdf
Depreciation is reported on the form 1065 line 16 - http://www.irs.gov/pub/irs-pdf/f1065.pdf
and calculated on the form 4562 - http://www.irs.gov/pub/irs-pdf/f4562.pdf - that form should be attached to the partnership tax return.
Yes - partnership may purchase and may own business properties - a truck or any other property. You may register the truck on the LLC name.
However - I suggest to consult with your insurance company if that will affect your insurance cost.
Yes - that is correct.
Each partner contributes money, property, labor or skill into a partnership - in your situations trucks are contributed into partnership - there is no need to change legal ownership or registration.
Income from partnership would be generally self-employment income and will be reported on the schedule C by partners - so generally if a specific property is used by that partner only - he/she may report depreciation on individual tax return - but that would be much simpler to report all expenses on the partnership tax return.
Let me know if you need any help and sorry for not able to respond promptly.