With previous problems taken care of, I have embarked on a business of my own, which I have registered as an LLC with the Colorado Secretary of State. I am in the process of creating an LLC Operating agreement, which I will present to an attorney for approval before filing, and am confused as to the meaning of "Distributive Shares". Is the distributive share percentage the same as the percentage of interest the member holds in the business?
I am also wondering about taxes. On the IRS website, it explained LLC tax procedure as similar to an S-Corporation. However, it gave four or five different options on which tax forms to use. As my attorney charges considerably more per hour than an accountant, am I safe getting this type of advice from an accountant?
My final question is whether I need an EIN if I do not plan to use employees. I may use an occasional independent contractor.
Thank You
I am also wondering about taxes. On the IRS website, it explained LLC tax procedure as similar to an S-Corporation. However, it gave four or five different options on which tax forms to use. As my attorney charges considerably more per hour than an accountant, am I safe getting this type of advice from an accountant?
My final question is whether I need an EIN if I do not plan to use employees. I may use an occasional independent contractor.
Thank You