8 Ways LLC Members Are Taxed On Their Income

[@rnamrag6794]

The videos are priceless. Thank you!

[@ClintCoons]

Glad you like them!

[@melhoresprodutos8899]

I'm already like..the First job is Give the BIG LIKE👍👍👍👍👍👍

[@wompol7117]

o would like to hear about taxing foundations and paying officers

[@JtotheRizzo]

Very informative as always! Thanks for providing great content and such valuable information! Would love to know your thoughts on using a Arizona Limited Partnership as a Holding Company (just to hold the operating disregarded entities). This AZ LP would be owned by two Wyoming LLCs - one as the General Partner (2% ownership) and the other as a Limited Partner (98% ownership). The two Wyoming LLCs would be owned by either myself (under my own name) or by my Living Trust. This structure seems to provide the best asset protection and anonymity but i'm not entitely sure how to setup each of these entities for tax purposes. I assume the AZ LP would file taxes for the profit/losses of the operating companies but since the AZ LP is owned by the two WY LLCs, does the operating income/expenses get rolled all the way up to the Living Trust (assuming the LT is the entity that owns the two WY LLCs. I may need to take you up on your offer for a strategy session. 😊

[@ClintCoons]

Yes you need a session. At a minimum the GP will need to be taxed as a corporation. If you would like a FREE 30-minute consultation, you can request one here - aba.link/30minSession

[@michael_house]

Great video. Thank you very much! I'd love to know more about rules regarding dividends and salaries for c-corp manager/owner. I own the c-corp through a holding LLC and was wondering if the IRS is going to throw a fit if I don't pay myself any salary and all the profits go to the holding.

[@ClintCoons]

Great suggestion!

[@7GFEC]

So is it best to be a sole proprietor or to be a member LLC

[@TheRealRyanMickens]

So let me get this straight. If its a multi member LLC. And both members are equals and are considered "active", a.k.a hands-on in the business. Then they will each pay their own self employment tax based off of the profit each of them receives, not off the total revenue of their business? For instance. The business brings in 10k But each member makes 2k profit. Are they taxed the 15% self employment tax off of their own personal 2k profit? Or is each member taxed the 15% off the total revenue of the business?

[@ClintCoons]

Only what is allocated to the member.

[@TheRealRyanMickens]

@ClintCoons appreciate the response Clint 🙏 Trying to figure out how my girlfriend and I should be setting aside for taxes with our business, since we can't quite afford a tax agent just yet

[@presidualist4587]

Can you do a video on the fundamentals of refining?

[@ClintCoons]

How to refinance property held in an LLC?

[@terryseldon7446]

Right I was going to say REFINING coconut oil . A joke on my ignorance for acronyms 😂

[@knoxlowe1]

So, which is best in various situations?

[@ClintCoons]

If you would like a FREE 30-minute consultation, you can request one here - aba.link/30minSession

[@bravedream]

Thank you Clint. Me and my wife jointly own LLC as member managed and disregarded entity so it should be no tax, right? Your video mentioned only single member is tax free

[@ClintCoons]

Yes if you made an election to treat it as such.

[@bravedream]

@@ClintCoons thanks! Separately: I still have not got my k-1 form of WY LLC from Anderson. Who should I call? Or do I prepare that by myself?

[@ClintCoons]

@@bravedream This would depend on wether you set up your LLC to be taxed as a partnership or s-Corp. Also, this is a tax preparation service we offer. I recommend reaching out to your CSC regarding this issue.