Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 01-31-2017, 09:49 PM
Junior Member
 
Join Date: Jan 2017
Posts: 1
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).



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 02-01-2017, 05:14 PM
Moderator
 
Join Date: Oct 2010
Posts: 5,258
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



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
1099-K Question - Fees paid to 3rd party processor? ashleybrewer83 For 2016 0 01-06-2017 12:51 AM
employer paid me with a 1099 but I dont own a business aimee Income 1 01-05-2014 05:33 AM
Does an S Corp's owners loan guarantees increase the owners deductible losses? TaxGuru S-Corporation 0 05-24-2010 02:27 PM
How to account for Medical Premiums paid by an S Corporation for its Owners? TaxGuru S-Corporation 0 09-14-2009 11:57 PM
W-2 earnings and 1099 income paid to the same employee spudmonkey43434 Income 0 08-26-2008 09:00 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.