What form is used for certain limited liability companies to report partnership income?

Limited liability companies (LLCs) that have chosen to be treated as partnerships for tax purposes use Form 1065 to report their partnership income. This form is specifically designed for partnerships, including multi-member LLCs, allowing them to report income, deductions, credits, and other pertinent tax information to the IRS.

Form 1065 is essential for ensuring that the partnership's income is appropriately passed through to the individual partners, who then report their share on their personal tax returns. The form also requires the partnership to provide detailed information regarding each partner's share of profits and losses, which is crucial for tax compliance.

In contrast, other forms serve different purposes. For instance, Form 1120 is used by corporations to report income, Form 1041 is utilized for estates and trusts, and Form 990 is designed for tax-exempt organizations to report their financial information. This differentiation underscores the specific function of each tax form within the overall tax system, highlighting the uniqueness of Form 1065 in the context of LLCs treated as partnerships.