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Can I own assets in a LLC and not be a member of the LLC?

Can I own assets...

Can I own assets in a LLC and not be a member of the LLC?

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

CA

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

Yes. The LLC was established in 2010 and I have a been a member since then.

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

Yes; I would like to be out of the LLC, and be re-hired as a consultant

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Answered in 4 minutes by:
12/18/2017
Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Tax
Satisfied Customers: 2,536
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
Verified

Welcome to JustAnswer!

My name is***** will be able to assist you today.

Q: Can I own assets in a LLC and not be a member of the LLC?

A: Assets will either be titled in the name of the LLC, in your name or a combination. The titling of the asset is what determines ownership. The LLC is sometimes its own separate taxable entity.

If you can tell me more about your particular situation I may be able to help you further.

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To be considered an independent contractor vs an employee the IRS has set out specific guidelines which I have detailed below with information from IRS.Gov

https://www.irs.gov/businesses/small-businesses-self-employed/independent-contractor-self-employed-or-employee

Facts that provide evidence of the degree of control and independence fall into three categories:

  1. Behavioral: Does the company control or have the right to control what the worker does and how the worker does his or her job?
  2. Financial: Are the business aspects of the worker’s job controlled by the payer? (these include things like how worker is paid, whether expenses are reimbursed, who provides tools/supplies, etc.)
  3. Type of Relationship: Are there written contracts or employee type benefits (i.e. pension plan, insurance, vacation pay, etc.)? Will the relationship continue and is the work performed a key aspect of the business?
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Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Tax
Satisfied Customers: 2,536
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
Verified
Chad EA, CFP ® and 87 other Tax Specialists are ready to help you
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Customer reply replied 6 months ago
I have been divorced since 2015 and I have been receiving spousal support. About a yr I filed a RFO and Modification as my financial situation changed. Since then my ex wife hired a attorney and they have been bombarding me with the discovery documentation, mostly about the LLC which I'm a 38.75% member. The LLC only once made a profit. However I own the LLC assets, such: website, Brand names (DBA) RapidShuttle and ExeQRide, all Client database, and a franchise on SuperShuttle. Without these assets, the LLC has nothing. I have spent over 300 hrs for the past 12 past gathering discovery documents related to the LLC (and nothing was found that deviates from my claims that my self or the LLC are making more then I stated. I would like to step out of the LLC; still, own all assets; so this way I don't have to provide anymore discovery documents related to the LLC as I'm not a member any longer; so this way I can put all those hours into grow the business. I would like to be re-hired as a consultant on a 1099 and Have a power of attorney to manage all aspects of the LLC. My name cannot be in any of the bank accounts held in the name of the LLC
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