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3 Replies Last post: Jun 10, 2009 1:16 AM by harmon_smith

2-member LLC

Apr 27, 2009 11:43 AM

west23 10 posts since
Mar 13, 2009

My wife and I will get into a little tiny business soon. I wonder that which one is better: let her do it alone, single LLC, and I work for her; or make it 2-member LLC.? What a bout the monthly wage for 2 members? And tax issues?

Thanks for advices.

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impexp 1 posts since
Apr 27, 2009

1. Re: 2-member LLC Apr 27, 2009 11:27 PM

LLC could be a single member or a multiple member. When it is a single member LLC, the member will take into account the profit and it will become taxable. LLC will not pay any tax, it is the member who pays the taxes from all the profit gained. As with the 2 member LLC, it will be the same principle. Based on the shares you have with the LLC, your tax will be based on the profit gained from the business.

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west23 10 posts since
Mar 13, 2009

2. Re: 2-member LLC Apr 28, 2009 8:34 AM

in response to: impexp

What about the partnership in LLC?

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harmon_smith 13 posts since
Jun 10, 2009

3. Re: 2-member LLC Jun 10, 2009 1:16 AM

A single owner LLC is to be treated like a sole proprietorship for tax
purposes means that you have to pay the 15.2 percent self-employment tax
if you are the proud owner of a single owner LLC. Most people don't
know this when they decide to form the entity and they get a very nasty
surprise when it is time to pay.
If you want to form a single owner LLC, there is nothing wrong with
that. Just make sure you understand self-employment tax will be due and
you have the money to pay it.For more information check my this site http://www.clickandinc.com/
.

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ForumsStarting a Business

This Question is Answered

2-member LLC

Apr 27, 2009 11:43 AM

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