The right structure for an organization? will an LLC work?

[stevenmac2]

Hi Everyone,

My wife is looking to start up an organization and wants to utilize some sort of asset protection/separation if we can. Would an LLC work for this purposes with us both listed as members in it? Would we just assign a 50/50 default split since it flows back to our joint tax return?

Secondly, if we go with the LLC set up, would we just want to keep the default structure to have it flow through to our personal income statement? (instead of electing s-corps tax?) Once expenses are taken, % of reinvestment $$$s are kept aside for the organization, donations to charity/ministries, and anything that remains we would just claim to personal income tax at the end of year and pay the revenue based off our federal & state rates?

Thank you for any insight.
Steven

 

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[GlobalWealth]

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[stevenmac2]

Vjeplt HmucemXiemvj,

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[GlobalWealth]

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[stevenmac2]

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[GlobalWealth]

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