The Motley Fool Discussion Boards

Previous Page

Financial Planning / Tax Strategies


Subject:  Re: Wife's LLC Date:  4/2/2012  10:48 AM
Author:  irasmilo Number:  115793 of 127613

My wife recently started an LLC and, after building up some cash, she's wondering how she pays herself. She's the only person involved in the LLC. Can she transfer money out of her LLC account to her personal account as payment for work whenever she wants?

It all depends on how the LLC is treated for tax purposes. It could be a sole proprietorship, partnership (not likely if she's the only person "involved"), S-Corp, or C-Corp. Without knowing the answer to that, you can't get an answer.

Copyright 1996-2018 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us