What is the name of your state (only U.S. law)? Arizona
I am in an LLC Partnership in Arizona with 5 members, each with equal shares of P/L (20%). However, 2 of the members, myself included, work in the business full-time for a wage that has been agreed upon by all members, that does not count as our portion of the profits. Should the two working members receive 1099 forms for their wages? If so, how would you account for that on a Schedule SE, as it only mentions income from Schedule C and Schedule K-1 which don't seem applicable for these wages.
Thank You
I am in an LLC Partnership in Arizona with 5 members, each with equal shares of P/L (20%). However, 2 of the members, myself included, work in the business full-time for a wage that has been agreed upon by all members, that does not count as our portion of the profits. Should the two working members receive 1099 forms for their wages? If so, how would you account for that on a Schedule SE, as it only mentions income from Schedule C and Schedule K-1 which don't seem applicable for these wages.
Thank You