Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

I'm a partner in an LLC consulting business Can I do

Customer Question
I'm a partner in...

I'm a partner in an LLC consulting business Can I do consulting on the side?

Accountant's Assistant: Can you tell me what state the LLC is registered in?

Nevada

Accountant's Assistant: Has anything been officially filed? If so, what?

The docs to start an LLC

Accountant's Assistant: Anything else you want the lawyer to know before I connect you?

I do all the work and we split the income 4 ways-is that usual?

Submitted: 8 months ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 7 minutes by:
9/8/2017
Tax Professional: Barbara, Enrolled Agent replied 8 months ago
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 6,005
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
Verified

Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

Just because you are a partner in one business does not mean that you cannot generate income on your own UNLESS your LLC/partnership documents prohibit it as a conflict of interest.

As to the income split, that also would be specified in your LLC/partnership documents.

Both are subject to change by amending your documents.

Please let me know if I can assist you further.

Thank you and best regards,

Barb

Ask Your Own Tax Question
Was this answer helpful?
Ask Barbara Your Own Question
Barbara
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 6,005
6,005 Satisfied Customers
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.

Barbara is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,495 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,272 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
I sold a 49% interest in a single-member LLC (disregarded
I sold a 49% interest in a single-member LLC (disregarded entity that owns a commercial real estate building) last year (7/31/2017) to a third-party, resulting in a partnership. After researching the … read more
Cole Parker
Cole Parker
Principal/CPA
Bachelor\u0027s Degree
108 satisfied customers
I have a partnership buyout agreement that states that a
I have a partnership buyout agreement that states that a payment for certain amount (which includes principle and interest) should be paid on a given date. There is no provision for early pay offs. Ca… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
My son opened up an LLC partnership last year with two of
my son opened up an LLC partnership last year with two of his friends. No business was conducted. The accountant filed the tax returns on April 16 2018 and stated that they were filed in a timely fashion. However, he received a late filing notice from the IRS and the late penalty is $800. My question is how do we dissolve the LLC and if so, are there still fines that have to be paid, including the $800 yearly State Franchise Tax Fees? … read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
Are limited partnerships organized outside NY state required
are limited partnerships organized outside NY state required to register as a "foreign corporation" ?… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
Our LLC partnership, opened in 1998, has ceased business and
Our LLC partnership, opened in 1998, has ceased business and 2018 will be our final tax return. Both partners have capital accounts around $10,000 positive. Is the capital account a tax deduction and … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Client sold interest in an LLC and there was capital left
Client sold interest in an LLC and there was capital left over at time of sale. Does this give any tax benefit?… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
My son was a partner in an LLC last year but the partnership
my son was a partner in an LLC last year but the partnership has dissolved, not on good terms. the "partner" said he was going to file taxes for the LLC but will not give my son paperwork with which t… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
If I am converting an LLC taxed as a partnership to be taxed
Quick question. If I am converting an LLC taxed as a partnership to be taxed as an s corp, would the 1065 for the year prior to the switch be considered a final even though I will be using same ein fo… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
We started an LLC (partnership, Delaware). It was just me
We started an LLC (partnership, Delaware). It was just me and my partner 50/50. We each owned certificates saying such. We each sold 20% to another individual. He made the check out to us personally. … read more
Mike-USACPA
Mike-USACPA
9 satisfied customers
I have a LLC in the US. It is a partnership of two
Hi, I have a LLC in the US. It is a partnership of two non-resident aliens. A potential customer is asking us for a W9 which AFAIK we can't sign W9 as NRA. What can we provide as a partnership to the … read more
Barbara
Barbara
Enrolled Agent
6,005 satisfied customers
A partnership sold their royalty interest. Several of the
A partnership sold their royalty interest. Several of the partners have passed away during the years so their interests have passed to their heirs. I don't have the basis of each partner's share assum… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
Can an LLC taxed as a partnership with only husband and wife
can an LLC taxed as a partnership with only husband and wife owners elect to be a joint venture and put everything on schedule C's? If so, do they need to do an 8832?… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,272 satisfied customers
Non Resident Taxpayer owns an interest in MO partnership.
Non Resident Taxpayer owns an interest in MO partnership. Their share of income in 2017 is a small loss ($500). In 2018 they have a huge income from the sale of the MO property ($400,000+). For 2018 e… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I am applying for a partnership LLC and not sure how to
Good morning, I am applying for a partnership LLC and not sure how to answer line 7a on IRS form SS-4. … read more
Richard
Richard
Tax Attorney
Doctoral Degree
4,495 satisfied customers
I have an existing LLC which filed as a partnership and then
I have an existing LLC which filed as a partnership and then as a schedule when it became a one member LLC. I now want to be treated as an s-corp in 2018. Do I need to file both 8832 and 2553 or just … read more
Richard
Richard
Tax Attorney
Doctoral Degree
4,495 satisfied customers
Second opinion] I created an LLC taxed as a partnership with
Second opinion] I created an LLC taxed as a partnership with my Solo 401k but I have not decided on the allocation of profit loss and ownership. I understand the basic concept of economic substance be… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,240 satisfied customers
I have an LLC that was taxed as a partnership, with two
I have an LLC that was taxed as a partnership, with two members who each owned 50%. My partner is leaving the partnership (as of 12/31/17) and I would now like to continue as an LLC with a sole propri… read more
Barbara
Barbara
Enrolled Agent
6,005 satisfied customers
Can an LLC (partnership) pay taxes on income and avoid the
Can an LLC (partnership) pay taxes on income and avoid the partners having to pay the taxes?… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,240 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x