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Updated over 4 years ago,

User Stats

176
Posts
81
Votes
Naz Hossain
  • Developer
  • San Antonio, TX
81
Votes |
176
Posts

2 member LLC confusion in Texas...

Naz Hossain
  • Developer
  • San Antonio, TX
Posted

Hi BP - my partner and I have a LLC set up. Our attorney and CPA said that we will have to file for taxes as a partnership but I have been reading up that taxes are pass through? We are a 50-50 partnership with the operating agreement set up to where all profits, expense and losses are 50-50 as well. What happens when the expenses on my end are more than on my partners end? For example - I run the business from my home office ( utilities, home office space, etc) my partner is not local so all mileage to view properties locally are my expense. Would those get deducted 50-50 as well? Or am I completely off on a tangent. Any advice is appreciated!

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