How to have my wholesale llc taxed

[Calvin Schmeling]

I currently have two LLCs. I have my Wyoming holding company and that owns my wholesale LLC that's owned by me and my partner. How do I have them filed as? I am new to the LLC world and I hear a bunch of different things. I have somewhat of a background on the different types but I just wanted to hear what you guys do for your wholesale business and how you guys set up your LLC to save the most on taxes.

[Ashish Acharya]

Your statement is confusing. You said your holding comp owns the Wholesale LLC. But, you say that wholesale LLC is owned by you and your partner. That cannot be right.

Either way, if your Wholesale activity is generating more than 70/80k in net income, it might be beneficial to elect an S-corp. There are many other factors that go into that. This needs to be consulted with your CPA.