How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Richard - Bizlaw Your Own Question
Richard - Bizlaw
Richard - Bizlaw, Attorney
Category: Business Law
Satisfied Customers: 10373
Experience:  30 years of corporate, litigation and international law
18695994
Type Your Business Law Question Here...
Richard - Bizlaw is online now
A new question is answered every 9 seconds

I am forming an LLC. Is it best to have my wife and I both

Customer Question

I am forming an LLC. Is it best to have my wife and I both on the ownership as partners? Or just me?
JA: Can you tell me what state the LLC is registered in?
Customer: South Carolina
JA: Has anything been officially filed? If so, what?
Customer: Nothing. Working on it now. Purchasing a construction business.
JA: Anything else you want the lawyer to know before I connect you?
Customer: We are 44 years old with 3 kids. I am a business professional that has built 3 companies and my wife is an accomplished Pharma exec turned stay-at-home-mom. We are partners in everything and would assume for this to be no different unless there is a specific reason not to.
Submitted: 4 months ago.
Category: Business Law
Expert:  Richard - Bizlaw replied 4 months ago.

Hello, my name is Richard and I will try to help you. Please remember I just report or interpret the law, so the outcome may not be what you hoped for.

There is no reason that you both should not be members of the LLC. When you form the LLC just have membership interests issued to both to you. YOu can be equal owners.

If I have answered all your questions, please positively rate my answer as that is how I receive credit. If you have more questions, please let me know. If the answer was especially helpful you can provide a bonus.

Customer: replied 4 months ago.
Is there any advantages to having just me, or just my wife?
Expert:  Richard - Bizlaw replied 4 months ago.

The only advantage of just one of you is that you do not have to file a separate tax return for the LLC. YOu can file the business' tax return on your Schedule C. With both of you as members you have to file a partnership return on form 1065. However, I believe a multi member LLC has better asset protection than a single member LLC. Other than that there is no real difference between one or two member LLC.

If I have answered all your questions, please positively rate my answer as that is how I receive credit. If you have more questions, please let me know. If the answer was especially helpful you can provide a bonus.

Expert:  Richard - Bizlaw replied 4 months ago.

I sent you the answer to your question a few days ago. If you do not have any additional questions, please highly rate my answer as that is how I get credit for working on your question.

Expert:  Richard - Bizlaw replied 4 months ago.

I sent you the answer to your question a few days ago. If you do not have any additional questions, please highly rate my answer as that is how I get credit for working on your question.