Adding your wife to the LLC without knowing exactly what you are doing and what the consequences are could be a big mistake.
A single member LLC is a disregarded entity. You normally treat it as a small business/self employed/independent contractor and file a schedule C with your personal tax return. You have the option to treat it as a corporation instead by filing a special form. <a rel="nofollow" target="_blank" href="
https://www.irs.gov/businesses/small-businesses-self-employed/single-member-limited-liability-compan...>
If two spouses operate an unincorporated small business together, they can choose to treat it like 2 separate small businesses on schedule C. Each spouse has a schedule C that reports half the income and half the expenses. Or, they can choose to treat it like a partnership, and file a separate partnership return. The partnership return for the corporation issues a K-1 statement to each partner, and the K-1 statements are used to file a personal tax return instead of schedule C. <a rel="nofollow" target="_blank" href="
https://www.irs.gov/help-resources/tools-faqs/faqs-for-individuals/frequently-asked-tax-questions-an...>
<a rel="nofollow" target="_blank" href="
https://www.irs.gov/businesses/small-businesses-self-employed/election-for-husband-and-wife-unincorp...>
An LLC with more than one partner, even if they are spouses, MUST be treated as a corporation or partnership and file a separate return and issue income statements to the partners.
Also read this for much much more.
<a rel="nofollow" target="_blank" href="
https://ttlc.intuit.com/questions/2133106-how-should-a-husband-wife-llc-file">https://ttlc.intuit.co...>
