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Old 01-31-2017, 09:49 PM
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LLC owners paid by 1099 possible?

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).



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Old 02-01-2017, 05:14 PM
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Quote:
Originally Posted by djtetsu View Post
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



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