#409 Open Forum Q & A | Your Tax and Legal Questions!
Main Street Business
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What Are the Tax Implications of Multi-Member LLC Profits?
The general tax implication is you're going to get bent over if you don't do some tax planning. Darren didn't tell me if this LLC, this making all this money is a passive LLC. If it's an operational company, think restaurant landscaping business, dental group, surgery center, brokerage, then the S corp should own the LLC and get 20% of the profit as well as a $100,000 management fee.
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