WI LLC ?

[WITAXLADY]

Clients purchasing property together H/W

Property is building and land for a selling boats and jet-ski's etc. As Real Estate

Filed the LLC with 2 members, now in doing the SS-$ - asks if want single or multi

Wi is community property

Is there an advantage or disadvantage 

Tax wise or liability wise to do one or the other?

*Tax wise - no 1065 - just on the Sch E - on the 1040

*Liability - it is a LLC - so should be protected but is a 1065 better or more protection. And can be rented to the other LLC's

And looks quite profitable so the one LLC business of wife will be a S corp probably

Has 2 LLC's in wife's name to handle the business of those.

Comments?

 

Best, 

Taxed in beautiful north central WI

[Lee B]

Your tendency to abbreviate and not complete explanations and questions leaves me unsure of what the your clients situation really is

and what are the questions you are asking???

[Max W]

It looks like train of thought notes you made to yourself and transcribed them here.  

If they have already filed the LLC , why are you even asking these questions?

I will make one comment here, LLC's are extremely overrated for providing protection and even more so SMLLC's.

The veil of protection can be easily pierced.   A small LLC will have to provide personal guarantees to get loans and a lot of vendors will also require personal guarantees.

The best protection for a small business is good umbrella insurance.

 

 

 

 

 

 

[Lee B]

Especially when they don't even bother to implement a solid operating agreement and if they have one they don't follow it.

Too many clients think all they have to do is register with their state, get an EIN and file a tax return, then they're golden.