Hello and thank you for using Just Answer,A domestic LLC with at least two members is classified as a partnership for federal income tax purposes. A partnership is the relationship existing between two or more persons who join to carry on a trade or business. Each person contributes money, property, labor or skill, and expects to share in the profits and losses of the business.Partners are not employees and should not be issued a Form W-2. The partnership must furnish copies of Schedule K-1 (Form 1065) to the partners by the date Form 1065 is required to be filed, including extensions.
A partnership (U.S. or foreign) with foreign partners could be responsible for complying with other filing requirements. You may want to read over the followinghttp://www.irs.gov/Individuals/International-Taxpayers/Helpful-Hints-for-Partnerships-With-Foreign-Partners
form 1040 is out
so we want a 1065 or 1120?
You will still file the 1040 because you will need to report your partnership income or losses
You cannot have an S corp with a foreign partner.
Your partnership will file the 1065
so i still file 1040
business files 1065
and issues K1s to you and your partner
whats a K1?
That is the reporting doc for the income and losses of the partnership to each partner
my partner doesnt have ss#
A partnership files but it still passes all losses and income to the partners
does that matter
He needs to get an ITIN then
since the LLC with have a federal tax id
individual taxpayer identification number
what the link to get him an ITIN?
You or your accountant will want to look over the first link I sent you too
It tells all aboout what the partnership may have to do because of the foreign partner
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have a good night
Your positive rating is always thanks enough.
what state do you live in?
you ever been to charleston, sc?
can i ask be unprofessional for a bit
you very attractive
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still very attractive, lol
just asking, never hurst
thank you again
You are most welcome.