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Is my LLC considered a partnership for the purpose of a W9 form if both my spouse and I are listed as members?
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Business & farm
yes. you most likely should be filing a partnership return. the tax law provision that would let you report the business activity on either 2 schedule C's or E's (a qualified joint venture) does not apply to an h/w LLC.
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Yes and No.
There is a specific box to mark for LLC and then you will make the partnership designation.
Just want to be clear that you don't mark the partnership box.
Also keep in mind the date of replies, as tax law changes.
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Business & farm
@Rick19744 you are wrong. the LLC is for a single-member LLC only. here we have husband and wife - a partnership.
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The W-9 form is quite clear ... a single member LLC defaults to a Sole Prop & a multi member LLC defaults to a Partnership unless the entity choose to be filed as a Corporation or an S-Corp ... you should know what you choose on the SS-4 form when you applied for the EIN ...
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Business & farm
@Anonymous wrote:
@Rick19744 you are wrong. the LLC is for a single-member LLC only. here we have husband and wife - a partnership.
@Anonymous: @Rick19744, I believe, was referring to the "Limited liability company" box in Section 3 on the W-9 that is directly below the first row of checkboxes (see @Critter-3's screenshot). That box would be checked and then a "P" would be entered to designate "partnership".
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Yep. Agree with @tagteam understanding of my response to the W-9 question.
Also keep in mind the date of replies, as tax law changes.
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Business & farm
Understand that if your LLC has more than one partner/member/owner listed on the registration with the state, it's not "considered" a partnership. It ***IS*** a partnership/multi-member LLC.
If you do not live in a community property state, then you're required a file the 1065 Partnership Return.