LLC owners paid by 1099 possible?

djtetsu · #1 (**permalink**) 01-31-2017, 09:49 PM

Me and a partner started an LLC and would like to get split the income 50/50 with 1099's so we would each do taxes individually. Is that possible?

The LLC would have no income since all of it would be an expense to 2 1099 contractors (who are owners).

Wnhough · #2 (**permalink**) 02-01-2017, 05:14 PM

Quote:

Originally Posted by djtetsu

Me and a partner started an LLC and would like to get split the income 50/50 with 1099's so we would each do taxes individually. Is that possible?

The LLC would have no income since all of it would be an expense to 2 1099 contractors (who are owners).

They are not owners but LLC members actually; in gene ral, yes aslongas accounting records are accurate however, The guaranteed payments should be included on the K-1, no 1099MISC needed