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I am aware of a multimember LLC getting taxed as a
I am aware of a multimember LLC getting taxed as a partnership, and that if the business is at a loss, a partner can only take losses according to his basis in the company. My question is what about i… read more
Alexander Efros
Alexander Efros
Masters of Business Administration (MBA)
876 satisfied customers
Iv got many questions to understand where im going and how
Iv got many questions to understand where im going and how to go about thing the right way. First question is as a LLC 2 member partnership are you self employed? … read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
4,268 satisfied customers
I'll try to make this simple. My 100% owned LLC owns 25% in
I'll try to make this simple. My 100% owned LLC owns 25% in a multimember LLC. in 2018 the 25% ownership was the bulk, if not all of the income for the 100% owned LLC.The K1 is issued to ME, personall… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
31,877 satisfied customers
I have a multimember LLC. It's a pretty simple question, I
I have a multimember LLC JA: Have you talked to a tax professional about this? Customer: no. it's a pretty simple question, I think though JA: Anything else you want the Accountant to know before I co… read more
Rick
Rick
MBA
831 satisfied customers
I have an LLC that was filed by a CPA under Form 1065
I have an LLC that was filed by a CPA under Form 1065 Partnership with one Schedule K-1. The ordinary business income is then put as a cash distribution into an Irrevocable Trust … read more
Cole Parker
Cole Parker
Principal/CPA
Bachelor's Degree
112 satisfied customers
I have a business that is a partnership. One of the partners
I have a business that is a partnership. One of the partners is a silent partner and says she should not have self employment income. When it is a 50/50 partnership I do not see how she can opt out of… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,408 satisfied customers
As an LLC filing a 1065 does there have to be a general
As an LLC filing a 1065 does there have to be a general partner/llc member manger or can all the members be limited partners or other llc members? Do limited partners pay self employment taxes on the … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
31,877 satisfied customers
My question is that my husband is a passive LLC member, does
Kim, my question is that my husband is a passive LLC member, does he pay self employment tax on the net profits of the business at the end of the year amount, of his share of interest he owns? … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
31,877 satisfied customers
Lev I am back.. I had question regarding filing K1 on H1
Customer: Hi Lev I am back.. I had question regarding filing K1 on H1 Visa I started LLC with my friends, (US Citizens) LLC is a partnership.. I am wondering, is it legal file K1 on H1 B … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
31,877 satisfied customers
Assume the members of ABC, LLC are either S Corps or an LLC
Assume the members of ABC, LLC are either S Corps or an LLC which are each owned 100% separately by three guys running ABC, LLC. Can the three guys draw salaries as employees of ABC, LLC. Can the memb… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
31,877 satisfied customers
Lev - same LLC, in regards ***** ***** 1065 & the K1s,
Hi Lev - for this same LLC, in regards ***** ***** 1065 & the K1s, I am not sure if we are general partners or limited partners. All three partners are managing members and active in the business. I u… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
31,877 satisfied customers
Situation: I have an LLP (Wyoming) with 2 partners - one is
Situation: I have an LLP (Wyoming) with 2 partners - one is a person (the talent), the other is a single member LLC (my own LLC) and the TMP (Tax Matters Partners). I believe both partners are to be i… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
31,877 satisfied customers
Dear Tax Professional, If a LLC partnership generates a
Dear Tax Professional, If a LLC partnership generates a huge loss, each member is shared the loss in their K-1 report. Let's say one member's shared loss is much more than his other types of income in… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
31,877 satisfied customers
I have few tax related questions and would be great if you
I have few tax related questions and would be great if you could answer them for me. Let me present to you the scenario. Let's say, I am currently on H1B visa. I form new LLC with my friend who is US … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
31,877 satisfied customers
I am a member in (2) different (multi member)LLCs. On 1 of
I am a member in (2) different (multi member)LLC's. On 1 of my K-1 I have gains, but it does not show up on self employment earning, the other K-1 shows up on my self employment earning. Why does one … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
16,602 satisfied customers
My brother & I have a consulting business (software development),
My brother & I have a consulting business (software development), and we're planning to do some direct oil investing (investing as a fractional partner in drilling individual oil wells) in order to ta… read more
Anne
Anne
Master Tax Preparer
2,550 satisfied customers
I am preparing a 1065 - Among 6 of the members , I need help
I am preparing a 1065 - Among 6 of the members , I need help with 2 of the members -2 couples have their ownership and MR & Mrs as tenants by the entirety. I know that each spouse of both couples will… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
31,877 satisfied customers
I am looking into starting a business where all my profits
I am looking into starting a business where all my profits are invested in stocks, bonds, and mutual funds - I would like to do this pre-taxed. I do not want to be paid the profit at this time. I alre… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
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