Further, you should consult with a local tax professional and/or legal counsel prior to making any decisions in this regard.
Also note that since you and your wife own your interests in the LLC as community property in a community property state, you have the option to treat the LLC as a disregarded entity and file a separate Schedule C for each of you (i.e., two Schedules C with your 1040).
See https://www.irs.gov/pub/irs-drop/rp-02-69.pdf
