By Steven D. Mercatante Esq.
 
One of the most common questions we receive revolves around the issue of LLC reporting. The following article will continue our exploration into the basic LLC structures with a detailed look at the Multi-Member LLC while also offering some practical tips on how to handle your reporting requirements.
 
Before we get started, know that LLC stands for “Limited Liability Company;” NOT “Limited Liability Corporation.” In addition, be patient with your payees, just because you know what an LLC is does not mean they even know what their own entity designation stands for. Do not argue with your payees, just ask for the proper documentation and if they insist they are an LLC “and that means they are a corporation” then you will just tell them what documentation you need to see; more on that documentation in a moment...