Do I issue a K1 or 1099-MISC?

[heatherhd14]

An LLC member is getting paid a monthly salary, which is recorded under Guaranteed Payments. This is totally separate from any distributions he may have received. Do I issue him a 1099-MISC for his Guaranteed payment salary, and also a K1? Or does this go on his K1 Form only?

[WillK]

The entity will file form 1065 which will generate the K-1 for each member of the LLC. The guaranteed payments will be reported on line 4 of the K-1, which the member would enter on their personal return as ordinary income. 

[WillK]

The entity will file form 1065 which will generate the K-1 for each member of the LLC. The guaranteed payments will be reported on line 4 of the K-1, which the member would enter on their personal return as ordinary income. 

[Carl]

Assuming this is a multi-member LLC that files a 1065 Partnership/LLC return, you do NOT issue a member a 1099-MISC.  The get a 1065 K-1 with Guaranteed payments in box 4. An LLC member can not be a 1099 contractor or W-2 employee of the business either. For better "plain english" clarification on this (including exceptions) please read https://www.legalzoom.com/articles/is-a-partner-in-an-llc-an-employee