Announcement

Collapse
No announcement yet.

Is a 2 Member (Husband and wife) LLC in Comm Prop state = to a Single Member LLC?

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    Is a 2 Member (Husband and wife) LLC in Comm Prop state = to a Single Member LLC?

    Also seen it where each person is considered a Member, even though it's a Community Property state. Is one method the preferred one? I know if the SS4 was filled out showing 1 member, it would be a disregarded entity. But I've seen it where both the husband and wife were each considered a Member, in which case there would be 2 Members and a 1065 would be filed.

    #2
    In a NON community property state the default entity designation for a husband wife team is partnership . In comm property states husband wife team can claim either. Furthermore if the entity is classified as a partnership in a community property state Husband Wife team can opt NOT to be treated as a partnership by making the Qualified Joint Venture election

    https://www.irs.gov/businesses/small...lity-companies

    https://www.irs.gov/businesses/small...ted-businesses
    "Dude, you are correct" Rapid Robert

    Comment

    Working...
    X