What is the name of your state? Tampa, Florida Hillsborough County
I am starting an LLC in Tampa, Florida and want to form a multi-member LLC for the dual asset protect and because the LLC will own other single member LLCs. My brother is willing to be on the LLC as a managing member or manager but does not want to have to file the companies profits on his tax returns. The LLC will be set up with pass-through taxation and I am looking for the best way to set this up so that I am taxed on 100% of the profits made by the LLC and he doesn't get taxed at all and will not have to file it on his taxes. I know that a multi-member LLC has to file a tax return while a single member LLC does not have to file. After asking this question to an attorney, and he replied with this:
"I understand that you can put another person as a member but you
could pay 100% of the taxes, but you need to ask an accountant for
the best way to do that for your situation."
Thanks for all help in this matter.
Sean
I am starting an LLC in Tampa, Florida and want to form a multi-member LLC for the dual asset protect and because the LLC will own other single member LLCs. My brother is willing to be on the LLC as a managing member or manager but does not want to have to file the companies profits on his tax returns. The LLC will be set up with pass-through taxation and I am looking for the best way to set this up so that I am taxed on 100% of the profits made by the LLC and he doesn't get taxed at all and will not have to file it on his taxes. I know that a multi-member LLC has to file a tax return while a single member LLC does not have to file. After asking this question to an attorney, and he replied with this:
"I understand that you can put another person as a member but you
could pay 100% of the taxes, but you need to ask an accountant for
the best way to do that for your situation."
Thanks for all help in this matter.
Sean