Since you will have a corporation as a owner you will file it as a partnership tax return. The LLC will no longer be reported on your personal tax return- Sch C.

Is this Corporation a S Corp or a C Corp?

In case of partnership, you can take guaranteed payments and pay self employment tax on such payments on your personal tax return. You do not get a W-2 since you are a partner in a partnership.

IRC Sec. 707(c) specifically introduces the concept of guaranteed payments into the law. It defines these payments as those made by a partnership to a partner for services or for the use of capital to the extent such payments are determined without regard to the income of the partnership.

Let me know if you have any question.

Please note: This advice is provided with the understanding that all the relevant facts have been provided by you. Any change in facts might affect the advice given and hence may not be relied on in such cases. Nothing contained in this reply was intended or written to be used, can be used by any taxpayer, or may be relied upon or used by any taxpayer for the purposes of avoiding penalties that may be imposed on the taxpayer under the Internal Revenue Code of 1986, as amended.