Legal Question in Tax Law in Indiana

Business Structure and Taxes

Husband and Wife, only co-owners in a multi-member LLC. Business has gone full-time, cash flows have stabilized and we are getting hit with taxes (SE). Is my best option to change to Single-member LLC and hire one of us as employee? How do I do this, what forms do I file? Would like to plan a better business structure before the new year. If this is not the best option, what is?

Asked on 12/11/07, 1:47 pm

1 Answer from Attorneys

C. David DuMond Law Offices of David DuMond

Re: Business Structure and Taxes

There are too many variables -- all with compensating considerations -- to respond to your query on the internet. Scoop a bag of money out of your business cash flow and make an appointment with a real lawyer or accountant experienced in business affairs, so your counsellor and yourself can be fully informed about your alternatives. Good luck.

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Answered on 12/11/07, 1:55 pm

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