Originally Posted by djtetsu
Me and a partner started an LLC and would like to get split the income 50/50 with 1099's so we would each do taxes individually. Is that possible?
The LLC would have no income since all of it would be an expense to 2 1099 contractors (who are owners).
They are not owners but LLC members actually; in gene ral, yes aslongas accounting records are accurate however, The guaranteed payments should be included on the K-1, no 1099MISC needed