There are two types of LLC (Limited Liability Company): Single-member and Multi-member. Single-member means you are the sole owner of the company. Multi-members LLCs and Partnerships have multiple member owners within a given entity. IRS tax rates for both entities are the same, in that tax liability is calculated at individual tax return rates. The distinction is in the filing requirements. Partnerships must file a separate business tax return—an IRS form 1065 and the partners will receive a K-1 for their share of the profits. K-1 income is then reported on your personal return. For single member LLCs, no separate business return is required. A single owner LLC will just file as a self employed individual form Schedule C on their personal return.