How can I tell what business type I have?
LLC — Most LLCs are taxed as an S-Corporation, but some file as a sole proprietorship instead. To check which applies to you, look at your personal tax return (Form 1040):
If you see a Schedule C (a form for reporting self-employment/sole-proprietorship income) with your LLC's info on it, your LLC is taxed as a sole proprietorship.
If you don't see a Schedule C, check Schedule E, Page 2 (a form for reporting income that "passes through" from a business you own). If it shows an "S" next to your business, your LLC is taxed as an S-Corporation — meaning the business itself filed a Form 1120-S, and you should have received a Schedule K-1 (a form showing your share of the business's income) to include on your personal return.
Sole Proprietorship — You'll have filed a Schedule C (for most businesses) or Schedule F (for farms).
Partnership — You'll see a "P" on Schedule E, Page 2, meaning the partnership filed a Form 1065 and you received a Schedule K-1.
S Corporation — You'll see an "S" on Schedule E, Page 2, meaning the business filed a Form 1120-S and you received a Schedule K-1.
C Corporation — Unlike the business types above, a C-Corporation's income does not flow through to your personal 1040. The business files its own separate return, Form 1120.