How to Tax a Multi Member LLC

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[lolkk]

Hey Mr. Phillips! Thanks for the video! Can you please go over which way is the best way to be taxed as a Engaged couple vs. A married couple (partnership or chapter "s")? We have recently formed a multimember/ partnership llc in a non-community property state. We are engaged and, intend on getting married next year. We were also informed that we could switch to a single memeber llc and just pay the other person 50% and keep a recipt for the end of the year. However, that doesnt make sense to me since we are not in a non-community property state. We would love to get your thoughts on this! Thabk you!

[Khans]

But how much Taxes we have to pay on the distributions as a multi-member LLC in NY??

[goodvibes]

I have an LLC with 1 other person through and was told by h& r block I have to pay $425 penalty for not filing my 1065 in March. Is this true or is there any way around this?

[kalicastaneda]

Me and my husband have an LLC it’s a photography business. He is the photographer and I assist him. When we filled we are both members. Will it need to be 50/50 or canWe both own 100? Also We are opening a bank account and they are asking if we are scorp / ccorp or partnership? So when we do our taxes we usually filled married jointly.

[Legaleescorp]

Had someone ask "Is it better to stick with the partnership or go the S-Corp route for MM-LLC?" It is an accounting question and depends upon how you are making money. Passive income? Go with partnership. Earned income? Go with Subchapter S as a general rule.

[Legaleescorp]

Whether you choose a partnership or Subchapter S is a tax question, not a legal question. Generally if you make your money as passive income (rents) then you would be a partnership. If you make money as ordinary income through the sale of goods and services then you would probably want a Subchapter S.

[stevendehoyos]

Just what I needed. We are multiple member LLC. 1065 and K1 is what I need, thank you sir!!!

[sshetty]

I want to setup an llc as non US citizen with the intention of trading stock and optionsin US brokerage account. How do i setup, pay myself and also how withholding tax will be treated for dividends.

[lifewithkyere]

My partner and I are starting a Transportation business. Is it better to go with an S Corp if I want to keep all of my personal assets protected?

[dshana]

Is it better to stick with the partnership or go the S-Corp route for MM-LLC?

[cullenjoyce]

My friend and I are starting a company as a MM-LLC. How can we register two names as owners under the same EIN #? If at all possible?

[Sew_Retired]

Thank you for sharing your wisdom. I have been watching your videos all week!

[annakokhanets]

Is "schedule C" and "chapter C" the same thing?

[Kgue]

Your simple explanations really eased my mind! Thank you!

[grandview]

Best explanation about LLC I've ever seen!

[grhikeadventure]

What if myself and the other member live in different states? We are currently set up to be taxed as a partnership. We will be beginning operations in the next few weeks and the operations will be conducted in South Carolina where my partner is. He will be driving g our truck moving freight and I’ll be dispatching remotely.

[larrysheran]

We have a multi-member LLC and one of our members applied for an EIN as a Sole Member. Should I be worried?

[charlzwill]

Thank you for this clear breakdown of taxes much appreciated

[LaCasitaDeWilliam]

The best explanation I've seen thus far. Thank you!

[DL-]

I like your videos.Thank you for posting.