Unlike a partnership, none of the members of an LLC are personally liable for its debts. An LLC may be classified for Federal income tax purposes either as a partnership, a corporation, or an entity disregarded as an entity separate from its owner by applying the rules in Regulations section 301.7701-3. Nonrecourse Loans Nonrecourse loans are those liabilities of the partnership for which no partner bears the economic risk of loss. An electing large partnership terminates when all its operations are discontinued and no part of any business, financial operation, or venture is continued by any of its partners in a partnership. The partnership's tax year ends on the date of termination which is the date the partnership winds up its affairs.
Special rules apply in the case of a merger, consolidation, or division of a partnership.
If the due date falls on a Saturday, Sunday, or legal holiday, file on the next business day. Unlike regular partnerships, an electing large partnership is required to furnish Schedules K-1 to its partners by the first March 15 following the close of the partnership's tax year. The most recent list of designated private delivery services was published by the IRS in August 1999. Overnight Air Express Service, Next Afternoon Service, Second Day Service. DHL Same Day Service, DHL USA Overnight.