Posted by Kim-OH on April 02, 2005 at 11:49:05:
Frank,
Check out the responses over on the main board. Parenting is not a pi$$ing contest!!
LLC income question - Posted by Frank (Ohio)
Posted by Frank (Ohio) on April 01, 2005 at 08:43:22:
My wife and I have set up our LLC and are ready to buy a few rental properties. I will be using my credit for the purchases. We have no operating agreement as of yet. I don’t want to show any income coming from the rentals to be directed to me because I am divorced and pay child support. Any extra income that I personally receive would be used by the courts to determine a higher child support obligation. Could we state in our operating agreement that I am to receive no income and just be a manager and have my wife receive all the income? Or should I just see a lawyer about this.
Thank You,
Frank
Re: LLC income question - Posted by Kim-OH
Posted by Kim-OH on April 02, 2005 at 14:40:06:
Frank,
Lest you think I forgot, I apologize here as well as on the main board.
Re: LLC income question - Posted by John K Haslach, CPA, MST
Posted by John K Haslach, CPA, MST on April 02, 2005 at 13:05:50:
In addition to IRC 704(b) issues, I would think you may have some legal issues. You should discuss with professionals comfortable with both.