Multi-Member LLCs must file IRS Form 1065 (partnership tax return) and provide Schedule K-1 forms to each member. Each member then reports profits or losses on their personal tax return.

Yes. Even if your state does not legally require it, a written operating agreement is essential for outlining ownership, voting rights, profit distribution, and dispute resolution.

A Single-Member LLC has only one owner and is taxed as a disregarded entity by default, while a Multi-Member LLC has two or more owners and is taxed as a partnership unless corporate tax treatment is elected.

Yes. You can elect S Corporation status for tax purposes by filing Form 2553 with the IRS.

As an SMLLC taxed as a disregarded entity, you generally take owner’s draws instead of a salary. If you elect corporate tax treatment, you can pay yourself a salary.

It’s not always required, but it’s strongly recommended to show business formalities and strengthen liability protection.

No. While both are owned by one person, an SMLLC offers limited liability protection, unlike a sole proprietorship.

A PBC operates like a C-Corp but has a legal obligation to consider social and environmental impact alongside shareholder returns.

Yes. Many startups begin as LLCs for simplicity and later convert to C-Corps to raise capital. However, conversions carry legal and tax implications. It’s usually easier and cheaper to start as a C-Corp if you know you’ll need it, but conversion is always an option.

An LLC is often the most flexible option for early-stage businesses, offering pass-through taxation and fewer compliance requirements.

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You have on-demand access to your attorney POC and the entire team via Slack, Basecamp, and email. Also, depending on your subscription tier, you will have a standing call set up either monthly or bi-weekly with your attorney POC. You may always call us ad hoc on top of our standing calls, but we’ve found that between the on-demand access and standing calls, you’ll be more than covered.

With your @VC subscription, you will have unlimited access to your attorney POC and the entire team via Slack, Basecamp, and email. Also, depending on your subscription tier, you will have a standing call set up either monthly or bi-weekly with your attorney POC. You may always call us ad hoc on top of our standing calls, but we’ve found that between the unlimited access + standing calls that you’ll be more than covered.

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