Co Owning a LLC

[danielle_b4424]

Hi!

I Co Own an LLC that I run my small business out of. I do the taxes for both on my personal account. Should they all be seperate or is it okay to do it all under my name?

[BeckyLeeH]

Hi Danielle,

I'm a little unclear about your question.

When you say "run your small business out of your co owned LLC""

Do you mean that you have a single bank account that includes both your LLC business income and expenses, and your personal income and expenses?

Or, do you mean that you prepare the taxes under a single Turbo Tax account?

Who is the co owner of your LLC?
You may be required to file a partnership tax return if your LLC is co owned by another person.

In general, the best practice is to use a separate business bank account to track income and expenses for your LLC business.  Using a separate business bank account gives you the best way to determine your LLC business income and business expenses.

Hope this helps!
Looking forward to your answers, so we can give you the best recommendations.

Becky

[HasaniJ]

It seems you have a business partner which would make the LLC a partnership now that needs its own business tax return which will produce a K1 for you to use to file your personal tax return.  The business return needs to be completed before you and your partner can do your individual personal return.  The business return is filed under the company's name and then each of you can file your personal return.