Will Form 1065 Schedule M 3 Pros 2021-2023

Instructions and Help about Will Form 1065 Schedule M 3 Pros

Hi this is rush nugget I'm an Iowa business and franchise lawyer I often set up LLC's for individuals and one of the questions that those individuals will ask me is whether or not the spouse should be included in the business the situation varies for everyone but I often advise those individuals not to have the spouse included one of the reasons why is if you have a single member LLC with just one person you don't have to file a separate business tax return that person can file their business taxes on their own schedule see if you have two or more members of the LLC then you have to file a separate business tax return and the costs each year for your accounting are naturally higher the other thing that I think benefits families is that if you don't have the spouse included in the business it may actually provide a little better asset protection for the family often businesspeople are asked to sign personal guarantees you'd like to avoid having both spouses sign personal guarantees so if one spouse is on the hook for a personal guarantee if you can keep that other spouse off the hook it's naturally better for you if something goes wrong but every as I said every situation is different so be sure to get the advice of the business attorney and an accountant when you're making these decisions.