BizTerm Definition
Multi-Member LLC
Short Definition
LLC with more than one member
Full Definition

When a limited liability company has more than one member, it is defined as a multi-member LLC. As a default, a multi-member LLC will be taxed (by the IRS) as a partnership. That is, a partnership informational return will be filed with the IRS on March 15th and K1's will specific each partner's profit or loss.


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