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Video instructions and help with filling out and completing Will Form 1065 Schedule M 3 Pros

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. - 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. - Another 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, and 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, 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.