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Richard, Attorney
Category: Business Law
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Experience:  32 years of experience practicing law and a businessman.
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Nevada. Can an LLC partnership be formed and tax return form

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Nevada. Can an LLC partnership be formed and tax return form 1065 With K-1 as follows:
One partner receives 97% of gross income but is responsible for 100% of expenses.
Second partner receives 3% of gross income but is not responsible for any expenses.
Their are no other members in the LLC.
The reason for this is the 97% partner has all the business and the 3% partner holds the state license that is required to conduct the business.
Thank you,

Good morning. Yes, as long as you maintain capital accounts in accordance with Section 704 of the Internal Revenue Code and after all contributions and distributions of cash and allocations of income and loss at the end of existence of the LLC, the capital accounts all zero out, you can distribute the money any way you want to distribute it.



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