tag team I am not familiar with Florida's ownership requirements for LLCs but as far as I can recall a single member LLC picks up their income on a Schedule C no matter the name the various property is held in. I would think that if an LLC is treated as a partnership for tax purposes electing out would be permitted no matter what name the property is held in. The benefit of LLCs is their flexibility. Of course a lot of research is required to come up with a fully supportable answer and that's why I suggested an expert in partnership matters be consulted. I can't imagine why anyone would want the complexity they are adding to their business. It would seem to me that a single member LLC with one owner would work for a married couple and avoid the necessity of filing another tax return. I think your response points out the need to pursue advice from someone who can delve into their situation at length.
