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Taxtom
Taxtom, Accountant
Category: Finance
Satisfied Customers: 2364
Experience:  25 Years in preparing Personal and Business Tax Retuns
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okay so now we kept the corporation in name with the history

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okay so now we kept the corporation in name with the history but added two members who are now the owners. Since the last change we are now a partnership "I assume" since we have two owners rather than one and now will have to file qtrly estimated tax payments for the coproration and ourselves or is there a way to file at the end of the year and make payments or receive a refund like a sole proprietor. Does the llc have its own tax return and the two members (owners) are contractors with a 1099? or do we split profit/loss 50%

Taxtom :

Hello, You can set the company up as a 1065 Partnership Limited Liabilty Corporation and all the income will pass through to the partners. You can choose to either set up a regular payroll system and pay taxes as you go as a normal employee and any remaing income or loss pass through to the partners at year end (reported on a K1), or you can take weekly draws and take care of your individual tax obligations and make quarterty tax payments. You will find a 1065 partnership return and individual returns. Here is a website that explaqins it in more detail http://www.moneyandinvesting.net/2008/02/07/llc-partnership-taxes-1065-and-k-1/ Thank You Tom

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