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Updated almost 7 years ago,
Quick question on RE LLC compensation for member doing the books,
OK, probably NEVER a "quick" question and answer concerning tax, $, etc. But I will try to make it simple. What is the simplest way to compensate one member (of a 2 member-mamged 50/50 LLC that has a couple rentals) for doing the monthly books, record keeping, form filing, etc.
Let's say it was agreed to be $100 a month. Could that be a simple LLC expense? 1099 income for that member ? we did not want to have a situation where that member was now considered an employee. Thanks for any input or suggestions or entirely different options! : )