I have set up an L.L.C. in Texas Member owned between me and my wife 50/50 split. Small start up. I am wondering if we should elect Partners...

Question

I have set up an L.L.C. in Texas Member owned between me and my wife 50/50 split. Small start up. I am wondering if we should elect Partnership(multi member L.L.C) or Single member L.L.C. How would each effect our taxes? and liability?

could you give some examples say the company earns x amount deductions are x amount you would owe on this amount. For both single owned L.L.C and Multi owned L.L.C.

Thanks you.

Answer

This is a question best answered by a knowledgeable business and tax lawyer in a face to face meeting so that additional facts can be elicited to be considered. I can tell you that a DIY approach to a business that WILL affect your liabilities and tax liabilities is a mistake.