Partnership or LLC or What-Have-You?
Posted March 24th, 2012 @ 10:07pm by Erik J. Barzeski
I have a partner in a business. Our shares aren't equal, but we'd like to set up a business (like an LLC or something, to protect us individually from liability). We're paid a sum of money once each month, and the next day, we'd each withdraw our percentage to our personal bank accounts.
I don't want to have to file corporate taxes - the "company" would never incur any expenses on its own, it'd never carry a balance for more than a day or so at a time, and all money would be disbursed, at the set percentages, to two people.
Is this possible?
P.S. I live in PA, my partner lives in CA.
Donate Life
Posted 12 Apr 2012 at 5:51pm #
Page 32 describes the differences in PA. http://www.newpa.com/webfm_send/1439
The tax structure for the LLC is that is "passes through" to be filled out on your personal income tax return. Yours would be a multi-member LLC and you could set up the distribution % in your operating agreement.