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Get your taxes done using TurboTax
You need to consult with a tax professional (and most likely) local legal counsel.
An LLC defaults to a partnership unless an election to be treated as a corporation is made for federal income tax purposes. If it is in the operating agreement, your wife could receive what is called a "guaranteed payment".
For the purposes of this board, you might want to disclose the nature of the business and in which state you reside, among a few other details concerning future plans for the entity.
I will page another member for more input, but you should seek this type of advice from a local professional who can evaluate your situation in depth.
‎December 14, 2022
7:01 AM
1,025 Views