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Business & farm
Our 2 member LLC includes myself as a real estate broker and my partner as a real astate agent, as 50/50 partners. When commissions come in, we first pay commission to the external cooperating brokerage firm, then split the rest according to our broker/agent agreement (not a 50/50 split). In real estate, brokers and agents usually receive 1099 forms. Can we issue ourselves 1099s and pay LLC taxes on what was not distributed? We aren't salary employees, as the work is commission based, and we're not administraive executives (like a CFO) because we are actively engaged in real estate transactions. The broker license is in the name of the broker (a person), not the LLC. We are located in California.
‎April 21, 2020
11:02 AM