Sole proprietorship (single-member LLCs only).In asingle-member LLCtaxed as a sole proprietorship, the business profits pass through to the owner(s), and they pay income tax on the full amount. Owners are considered self-employed and must also pay self-employment taxes, covering Social Securi...
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In a single-member LLC taxed as a sole proprietorship, the business profits pass through to the owner(s), and they pay income tax on the full amount. Owners are considered self-employed and must also pay self-employment taxes, covering Social Security and Medicare. General partnership (multi...