Have a new LLC (s corp). The living trust is the 100% ownership with me as the Manager. Is the trust a shareholder? Am I a shareholder or both?

[mich5578]

The term "shareholder" is different terminology than in the LLC paperwork. My living trust is listed as the 100% ownership and I am listed as the manager. What should be listed as the shareholder?

[RichardG]

As you point out in your question, LLCs do not have shareholders.  LLCs typically have members, and sometimes managers as well.  Depending on the terms of the LLC, a manager does not always have to be a member.  

The LLC is owned by the trustee of the living trust.  You are the manager, but according to your statement have no personal ownership interest in the LLC.  Under the circumstances the trust is the sole shareholder.

[mich5578]

The Living Trust is the member and I am shown as the manager. I am the trustee of the living trust. So, does that still mean that the trust is the sole shareholder? No income has been generated through the LLC yet. This LLC  s corp was set up to pay me. Not sure if this was set up correctly by the attorney.

[RichardG]

As the trustee, you are the legal owner of the LLC interest, but not the beneficial owner.  So you might list the owner as My Name, Trustee under the XXX Living Trust.