rjs
Level 15
Level 15

Business & farm

In a post a few months ago you said that you and your husband created a multi-member LLC, and you are already paying start-up costs. It's past time for you to visit an accountant to discuss how to handle the accounting and taxes for your new business.


A multi-member LLC is usually treated as a partnership for tax purposes. Your accountant will advise you about the considerations in putting money into a partnership. However, if you and your husband are the only members of the LLC and you live in a community property state, you have an option to treat the LLC differently. You should discuss this with your accountant.


I am suggesting an accountant, rather than someone who is just a tax professional, because you need accounting advice, not just tax advice.