Your intuition is good.... You PROBABLY are OK, because an LLC (even though it has the liability protection of a corporation is not an corporation) ... but, owning the LLC in your name would, by far, be the safest
The income is going to flow to your joint return either way, bit this way it's your income
Also, when you do this, you'll no lnger need to do the 1065 and K-1, as a SINGLE-MEMBER LLC you'll just do a schedule C, as if you were a sole proprietor
Hi, do you have any questions?
Here's the form for amending the LLC with California (Certificate of amendment): Form LLC-2 All you do is check the box that there's only one manager, and in section 3.(c) (where it says "AMENDMENT TO TEXT OF THE ARTICLES OF ORGANIZATION:" say, amend articles to remove _______ as member.
I still don't see you coming into the chat ... I can move us to the "Question and Answer" mode, so that you can ask any follow-up questions you may have
(we can still continue our dialogue there ... just not in real-time, as we can here)
Let me know of you have questions at all
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I don't see any answer ... ?
Sorry for delay -- I was considering this info you presented. Can we change our tax return filing for 2012 so it's all in my name (sched C) or is it only something we can do AFTER the change form is officially filed?
As I mentioned above, just check the box that says there' a single manager and in section 3, part C (where it says "AMENDMENT TO TEXT OF THE ARTICLES OF ORGANIZATION:"), say, amend articles to remove _________ as member.
Then, you'll just report the LLC's taxinformation on a Schedule C and that will flow to line 12 (business income or loss) on your joint 1040.
Most important, the LLC income will be considered your income, just as if you ahe a w-2 from a job and included it on your joint return.
OK -- so the change form can still be filed with past effective date. We haven't filed our LLC return for 2012 yet -- but those are done and ready to efile. Should we still file them as is and then amend? The deadline for the LLC returns is Sept 15 (now). Our ind returns are on extension until Oct 15 so we have time for that.
If you’d like to work with me again, just say “For Lane only …” at the beginning of your question, and I’ll get the alert.
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