Yes, a husband and wife can establish an LLC that will be considered to be a single member LLC if they live in a community property state, are married, and file a joint income tax return. The applicable IRS ruling does not answer the question as to how a LLC is treated if the H&W live in a non-community property state.
Hello,
Can a husband and wife set up a LLC that will be treated as a single-member LLC for tax purposes thus not requiring a Form 1065 to be filed for the LLC? I am in TN.
Are there advantages to this or does it matter? The LLC will hold long-term rental property.