Since there are multiple members, you can file a partnership
return, which is a Form 1065. SEE BELOW:
A partnership is an unincorporated business organization that is the result of two or more persons joining together to carry on a trade or business. Each person contributes money, property
, services, or a combination thereof, in return for a right to share in the profits and losses of the partnership. An LLC
with more than one owner is generally treated as a partnership for tax purposes. A partnership's income and expenses are generally reported on Form 1065 (PDF), U. S. Return of Partnership Income, annually. No income tax is paid by the partnership itself. Each partner receives a Form 1065 Schedule K-1
(PDF), Partner's Share of Income
, etc., which indicates the partner's distributive share of partnership income, expenses, and other items, determined in accordance with the terms of the partnership agreement. Partners report on their income tax returns
the amounts reported on the Schedule K-1. For more information, refer to Form 1065 Instructions. For more information on partnerships, in general, refer to Publication 541, Partnerships.
Link to Form 1065/Instructions:
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