Quote:
Originally Posted by HardDrive
If there are no employees other than my wife and I, is the tax reporting paperwork a bear?
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I have my own LLC and an a member of another LLC that we established for land investments.
The paper work is a bear only if you don't keep to the regime...make sure you closely follow the requirements of an LLC, keep meeting minutes and detailed paperwork. I keep and log all receipts, my time and all non-receipt expenses like mileage on cars in support of the LLC. (I even keep small note books in my trucks and log every date, task and miles.)
Treat the LLC exactly like a business...sounds simple, but should you need the umbrella protection the LLC can provide for your personal assets not tied to the LLC, or should you get audited, your records need to be perfect.