Question
Partner in business is a disregarded entity. How do I link it to a schedule C?
I have a client that has set up an LLC for either flipping or buying properties to rent. The business is a partner in another business. He received a K-1 naming his LLC as the partner using the EIN. How do you link this to a schedule C. Everything I'm reading on IRS website states that only an individual can be a partner. But, if this is the case, why under Information about the partner is there a section that says if the partner is a disregarded entity, enter the partner's TIN and Name. I really feel like I am missing something so simple. I guess my brain is fried - I am really struggling with this one. Thank you.
