Form 1065: what to gather before you begin

Confirm your classification

Many multi-member LLCs are taxed as partnerships, but elections and exceptions may change the required return. Confirm federal tax classification before collecting forms.

Gather a consistent record set

Prepare your prior-year return, profit and loss, balance sheet, partner ownership and capital details, contributions, and distributions. Reconcile records and flag missing information early.

Schedule K-1 information depends on partnership facts and allocations. Review unusual transactions with a qualified professional. General information only, not tax advice.