business structure

[jfantazia]

What is the name of your state? California
My wife and I are starting a non-medical home care company out of our home. My wife will be doing the staffing, scheduling,training and limited marketing. I will be doing some of the marketing and payroll. I had some questions about company structure. I am considering a limited liability or an S corperation. I plan to continue working full time while she runs most of the business. Here are my questions.


If one of us were to die and the limited liability company would be desolved then what would the other have to do to continue to operate the buisness?

If we establish a limited liability company, shouldthe tax designation be for a a pass-through entity as a partnership or a sole propriator?

And for tax purposes, should it be documented as being managed as a multi member or single member LLC

Thanks
What is the name of your state?

 

[oldman9]

Dear Confused,

You are right: you are VERY confused.

If one of us were to die and the limited liability company would be desolved then what would the other have to do to continue to operate the buisness?

The LLC or S Corp does NOT have to be dissolved once a member/owner dies!!! The other member/owner simply continues to operate the business!!!

If we establish a limited liability company, shouldthe tax designation be for a a pass-through entity as a partnership or a sole propriator?

Huh?? An LLC cannot be designated as a sole proprietor!

And for tax purposes, should it be documented as being managed as a multi member or single member LLC

An LLC can be either manager-managed or member-managed. If manager-managed then the LLC can designate a manager. If member-managed then all members are managers!