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What should be the new R@jesh?
My husband and his siblings basically took over their parents’ business and turned it into an LLC. Each sibling was made an owner, so each sibling owns 20%. My husband does light work for - but does not collect any compensation from - this business, he is simply listed on the LLC as an owner. He has a completely separate full time job that he generates income from. Do we need to do anything specific with our own personal tax return in this case? Should he and his siblings work to file a 1065? Some of his siblings do collect payment from the business.
Stop TurboTax and pay $$$ for a tax preparer.
Yes, there are tax implications on your personal tax return. https://turbotax.intuit.com/tax-tips/small-business-taxes/llc-tax-filing-rules/L39E29kPR
This has an issue as this company will now be a general partnership and any legal issues that one partner faces, all are liable for it