| Sole Proprietorship | Individuals own an unincorporated business themselves |
| Partnership | A relationship existing between two or more people agreed to carry a business jointly |
| Corporation | A legal entity separate from its owner |
| S Corporations | Corporations that elect to pass Income and loss to their shareholders |
| LLC | A corporation where members can not be held personally liable for the company’s debt or liabilities |
Let’s have a brief about the tax structure:
| Nature of Business | Due Date without extension | Due Date with extension | Form | Partner’s/member’s liability |
| Individual | 15th day of the 4th month | 15th day of the 10th month | 1040, U.S. Individual Income Tax Return | NA |
| Sole Proprietorships | 15th day of the 4th month | 15th day of the 10th month | 1040, U.S. Individual Income Tax Return or 1040-SR, U.S. Tax Return for Seniors and Schedule C (Form 1040 or 1040-SR), Profit or Loss from Business | NA |
| Partnership | 15th day of the 3rd month | 15th day of the 9th month | Form 1065, U.S. Return of Partnership Income The partnership must furnish copies of Schedule K-1 (Form 1065) to the partner | 1040, U.S. Individual Income Tax Return, or 1040-SR, U.S. Tax Return for Seniors and Schedule E (Form 1040), Supplemental Income and Loss |
| Corporation | 15th day of the 4th month A new corporation filing a short-period return generally must file by the 15th day of the 4th month after the short period ends However, a corporation with a fiscal tax year ending June 30 must file by the 15th day of the 3rd month | 15th day of the 10th month | 1120, U.S. Corporation Income Tax Return | NA |
| S Corporations | 15th day of the 3rd month | 15th day of the 9th month | 1120S 1120S (Sch. K-1) | 1040 or 1040-SR and Schedule E and other forms referenced on the shareholder’s Schedule K-1 |
| Single-member LLC | 15th day of the 4th month | 15th day of the 10th month | Form 1040 or 1040-SR | NA |
| Multiple-member LLC | 15th day of the 3rd month | 15th day of the 9th month | Form 1065, U.S. Return of Partnership Income The partnership must furnish copies of Schedule K-1 (Form 1065) to the partner | 1040, U.S. Individual Income Tax Return , or 1040-SR, U.S. Tax Return for Seniors and Schedule E (Form 1040), Supplemental Income and Loss |
| LLC’s classified as Corporations or S Corporations ( IRS Form 8832 – Entity Classification Election.) | Refer to the respective section above |