Updated almost 8 years ago on . Most recent reply
Foundation of our LLC
Good evening everyone, my business partner and I are currently working on our accountability in writing as well as some careful planning with the structure of our LLC. What I'd like to know is, is it possible to create a trust owned LLC structured like an S corp where the trust is the entity that controls the business leaving it so we do not have to form a LLP and therefore not being "members" and being taxed into our personal incomes? I would like the protection of a LLC but still being able to work together with my partner on projects. I suppose I'm a little confused on what we should do to keep taxes and profit split simple as can be. Should we just open two individual trust owned LLC's. We have yet to consult an attorney, I just wanted to hear what the BP family has to think. Thanks in advance!