LLC's aren't taxed like people are, there is no 'LLC taxation' class.
Single member LLC's are LLC's with only one owner. Single member LLC's are taxed as Sole Proprietorship companies. This is the default selection from the IRS for Sole Proprietorships. Single-Member LLC's also must file Form 1040 as well as Schedule C (which reports business profits and losses. All foreigners who own a US LLC must file a 5472 US tax return with the IRS for disclosure purposes even if they do not owe tax in the US
Multi-member LLC's are LLC's where there are multiple owners. Multi-Member LLC's are taxed as partnerships. Multi-Member LLC's must file Form 1040 as well as Schedule C (which reports business profits and losses, as well as a 1065 partnership return, and provide K-1s to each member. All foreigners who own a US LLC must file a 5472 US tax return with the IRS for disclosure purposes even if they do not owe tax in the US. Sole Proprietorship and Partnership taxation are considered 'pass-through' business, meaning that profits, credits, deductions, etc. flow through to the personal tax returns of each member.
An LLC can elect to be taxed as an S-Corp if it files Form 2553. The reason for this would be to potentially pay less self-employment taxes, as in an LLC all profit are subject to self-employment tax, but in an S-Corp, only the owners salary is subject. An LLC can also elect to be taxed as a C-Corp if it files form 8832. This is done (but very rarely) to try as take advantage of income-splitting. This process is quite difficult and is best done with the help of a professional CPA.
All this tax talk can be confusing, with different forms, different taxation styles, and much more, all on top of trying to run your business. With Doola, not only will you get assistance in forming your LLC and getting your EIN & Bank Account, but we offer a free consultation with tax professionals! Why get bogged down with paperwork when you should be focusing on growing your business!