Single Member LLC with more than one owner?
It's me again. I haven't really been able to find a good answer to this anywhere, so maybe some of you have actually done this.
I'm in Texas. I am considering starting an LLC, but I would like for me and my wife to be listed as owners. Can I do a single member LLC with two owners, especially if the other owner is my wife?
Don't know about Texas, but I would think the answer is no, you would most likely have to treat it as a partnership (multi-member LLC), or as single-member LLC with only one of you as owner and the other as an employee or contractor...
Ah, I think I may have found the answer. According to this:
https://www.nolo.com/legal-encyclope...ty-states.html
It looks like in a "Community Property" state (which Texas is), it's entirely possible to do that, but it doesn't really go into detail as to how, so I'll have to look that up.
This is a strange question. Not familiar with Texas LLC law specifically but LLCs in general have "members," not owners. So it really depends in your mind what you mean by "owner" and how you intend to apply this designation. Income and losses pass through from the LLC to the members. If you are the only member of a single member LLC and file your taxes jointly, then the LLC's total income or loss would still be on your joint tax return and in effect be shared among the two of you.Originally Posted by Monte
If you are looking to give voting power in the LLC itself to your wife, consider making her a member. Just know that if you make her a 50-50 member and you have a material disagreement on the business's future, you can find yourself completely stuck to do anything about it without her consent.
You're correct, Blue Hen. It's a weird wording.
What I want to do is basically set up a Single Member LLC with both myself and my wife as members. I'm not sure if that's even possible, but we do file our taxes jointly.
If you are both members, it won't be a single member LLC.
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