Entities
Multi-member LLC
A multi-member LLC is a Limited Liability Company with two or more owners. The IRS treats it as a partnership by default, requiring it to file Form 1065 and issue a Schedule K-1 to each member showing their share of profit or loss.
In plain terms: An LLC with more than one owner. Taxed like a partnership unless you elect otherwise.
Why it matters
The tax filing obligation is real and often surprises founders: the partnership return is due earlier than the personal return, and every member needs their K-1 before they can file their own taxes. An operating agreement matters far more here than in a single-member company.
Read the full guideUS company formation