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Updated about 12 years ago,
LLC with a Partner Tax Question
hi BP
i have a quick question:
i have a couple llc for my units, but they are owned by myself only. and taxed through our personal tax.
I'm working on a scenario now.
if i go into partnership with my sibling (NY) in a LLC how is the tax sturctured. assuming 50/50.
would 50% go through my personal tax and 50% go through my siblings?
since she is in NY, would it be an issue for her to own a LLC in PA?
will she need to file state taxes in PA?
one of my LLC is in NC and i have to pay yearly state tax, so i assume yes.
the only reason we want her in the LLC it's bc it's family money.
IF the LLC was only my name....can she be part of the profit legally?
thanks,
i hope this makes sense... I am just sorting it all out, thinking out loud