For federal income tax purposes, unless the firm indicates otherwise, the firm would be taxes as disregarded entity, meaning that Conrad will be taxed like a sole proprietorship.
A limited liability company is a type of private company. The partners can be one or more. The partners of a limited liability company have limited liabilites.
For tax purposes, if there is only one partner, a limited liability company is treated like a sole proprietorship and if there are more than one partners, the firm is treated like a partnership.
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