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

Customer Question
I am forming an LLC...
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: 1 year ago.Category: Business Law
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11/16/2016
Business Lawyer: Richard - Bizlaw, Attorney replied 1 year ago
Richard - Bizlaw
Category: Business Law
Satisfied Customers: 10,685
Experience: 30 years of corporate, litigation and international law
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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.

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Customer reply replied 1 year ago
Is there any advantages to having just me, or just my wife?
Business Lawyer: Richard - Bizlaw, Attorney replied 1 year 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.

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Business Lawyer: Richard - Bizlaw, Attorney replied 12 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.

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Business Lawyer: Richard - Bizlaw, Attorney replied 12 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.

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Richard - Bizlaw
Richard - Bizlaw
Richard - Bizlaw, Attorney
Category: Business Law
Satisfied Customers: 10,685
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Experience: 30 years of corporate, litigation and international law

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The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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