No, as the owner of an LLC, you typically do not give yourself a 1099 form from your own LLC. Instead, how you pay yourself and report your income depends on how your LLC is taxed and how you receive compensation.

Here’s a breakdown based on common scenarios…

1. Sole Proprietorship or Single-Member LLC

• Tax Treatment – If your LLC is taxed as a sole proprietorship (disregarded entity), you report business income and expenses on your tax return using Schedule C (Profit or Loss from Business).
• Owner’s Draw – You may take money out of the LLC as an owner’s draw or distribution, which is not subject to withholding taxes or reported on a 1099 form. Instead, you report the total income from your LLC on your tax return.

2. Multi-Member LLC

• Tax Treatment – If your LLC has multiple members and is taxed as a partnership, each member’s distributive share of the LLC’s income is reported on their tax returns.
• K-1 Forms – Instead of receiving a 1099 form, each member receives a Schedule K-1 (Form 1065) from the LLC, which reports their share of the LLC’s profits, losses, deductions, and credits. Members use this information to report their income and losses on their tax returns.

3. LLC Electing S Corporation Status

• Tax Treatment – If your LLC has elected to be taxed as an S corporation, you may receive a salary as an employee of the company.
• W-2 Forms – As an employee, you receive a Form W-2 from the LLC reporting your wages, salary, and other compensation. Any additional income you receive from the LLC, such as distributions or dividends, may be reported separately on a Schedule K-1.

Important Considerations

• Consult with a Tax Professional – The tax treatment of your LLC’s income can vary based on factors such as your ownership structure, tax elections, and compensation arrangements. It’s crucial to consult with a qualified tax professional or accountant to determine the most appropriate tax strategy for your LLC.
• Recordkeeping – Keep detailed records of all income, expenses, and distributions from your LLC to accurately report your income and comply with tax laws.
• Compliance – Ensure that your LLC complies with all tax reporting requirements, including issuing appropriate tax forms to members or employees and filing required tax returns with the IRS and state tax authorities.

Overall, how you report income from your LLC and whether you receive a 1099 form depends on your LLC’s tax structure, your role within the company, and how you are compensated for your services.