single vs multi member LLC

[Joe Wood]

Hey Guys,

I'm debating whether or not to set up the LLC as a single or multi member. I have been reading numerous articles/references on which to choose. Still awaiting my accountants response but he is hard to reach.

If I were to do multi member, it would be my wife and myself. 

When it comes time to filing taxes, what would be the advantages/disadvantages? 

Would I be able to claim more expenses with multi? 

Would I be able to reduce taxable income with multi?

Or would having a multi just make the process difficult since there would be multiple filings?

[Jake Hottenrott]

@Joe Wood - Pretty simple answers for you.

- Filing taxes - Easy as single member as it is included on your personal return.  Multimember requires a 1065 partnership return.

- same expenses

- same income

the reason to have a multi member LLC is if you have multiple partners. If you and your wife both want to lay claim to the property in XX% and XX%, then you need a multi member. If you are the sole partner owning 100%, you are good with a single member.

This was over generalized but it cuts right to the heart of your questions.