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Updated over 1 year ago on . Most recent reply

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7
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Brandon R.
0
Votes |
7
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Multi-member LLC - How do I get paid

Brandon R.
Posted

I have spent hours reading and cant find this answer. I've talked to 3 CPAs and they all say it depends (given, I haven't paid them it was an initial consolidation for each firm).

Please. I need an easy answer. This is my first LLC set-up and it's killing me trying to make sure I'm doing this all correct.

This is a multi-member LLC, formed as a partnership, in North Carolina. My wife & I are the only members (we wanted a multi-member vs single for future plans).

My wife & I am taking a mortgage out on my primary residence to raise 300k, and then pay cash for my first LLC Rental property. This means the rental property in the LLC will be fully paid off, but now I have to pay my personal mortgage. I want to take the rental money (from the LLC) and use it to pay for my personal mortgage.

How do I pay myself without getting raked over the coals on taxes?

Or, am I approaching this wrong?

Thank you

Most Popular Reply

User Stats

108
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52
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Michelle Bateman
  • Realtor
  • Kansas City, MO
52
Votes |
108
Posts
Michelle Bateman
  • Realtor
  • Kansas City, MO
Replied

I would pay the consulting fee for an attorney AND a CPA - worth the $700 to make sure you're setting yourself up for success and protecting your assets! 

  • Michelle Bateman
  • [email protected]
  • Loading replies...