Is a schedule c for business the same as a 1065?

Forum|Forum|7 years ago
June 1, 2019
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DoninGA

Employee

No, the two forms and business entities are not the same.

The Schedule C is only for a sole proprietor or single member LLC, that is not incorporated, reporting income and expenses for the business as a self-employed individual.

A Form 1065 is for a Partnership Tax Return -

A partnership is the relationship between two or more persons who join to carry on a trade or business, with each person contributing money, property, labor, or skill and each expecting to share in the profits and losses of the business whether or not a formal partnership agreement is made.

See this IRS website for Single Member LLC's - https://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Single-Member-Limited-Liability-Comp...

See this IRS website for LLC filing as a Corporation or Partnership - https://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/LLC-Filing-as-a-Corporation-or-Partn...

J

jphotz

Of course the two forms are not the same. Of course the two forms of businesses are not the same. I think what the person was asking is whether a 1065 is the equivalent of a schedule C for a partnership, and the answer is YES, essentially.