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Thanks again Ray. Appreciate your help!

Anyone able to help with my question?

Thank you Ray. One other question: we sometimes use our LLC as an umbrella for individual work, meaning I might make $X in profit for the company that only gets paid out to me, not my partner. Does...

Thanks for your help! Still confused about deductions though. Are you saying we show our overall profits and losses on Schedule E (which would include deductions) and then Schedule K-1 to show how...

Hi all, new to this forum and new to small business. I recently created an LLC partnership and we took out a company credit card to easily make business expenses.

As I understand it, with an LLC...