This topic contains 1 reply, has 0 voices, and was last updated by Crystalynn Shelton 11 months, 1 week ago.
- January 30, 2017 at 8:38 pm #68610
We are 2 siblings, operating a gym. The gym is registered as an LLC, and each of us are registered as an LLC. The gym collects membership fees and allows members to use the gym facilities. Separately, we each run our own athletic training sessions as private trainers, using the gym. Can we each file Schedule c and file the gym as its own entity? What form should be used to file the gym?July 17, 2017 at 8:15 pm #91978
Hi Patricia, my apologies for the delayed response.
A 2 person LLC is generally considered a partnership and should file Form 1065 to calculate the tax liability for a business. Any taxes due will pass thru to you and your sister’s personal tax returns. (The instructions from Form 1065 will tell you how to report this on your personal tax return).
Here is the link to our LLC tax guide where you can learn more about the required tax forms and reporting requirements for LLCs: https://fitsmallbusiness.com/llc-taxes-tax-returns/