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    4 Replies Latest reply on Nov 18, 2009 6:44 PM by polarbears

    Single-Member LLC or Partnership?

    kcampbell811 Newbie
      I am starting a pet sitting business in Florida. I have heard that for this type of business, where you enter people's homes, the LLC is the most popular. I have also heard that a single member LLC is expensive come tax time and I should give a small share to a family member ( I was thinking 98/2). I have already formed my entity but have yet to fill out my Operational Agreement.
      To my questions:
      1. Is it worth the hassle to have a partnership llc come tax time vs. single member?
      2. Will my mother (the family member who will own the shares) have to pay taxes b/c of her involvement?
      3. We will not have any profit yet this tax year but I have spent money on start-up costs. what does this mean for my taxes?
      Any help/guidance would be greatly appreciated!!!!