Early Retirement. How do i handle my LLC.
I am early retiring this year and own an LLC company that only makes about 30k a year but much more than the allotted 17K that i have to stay under for this year. My wife helps me with this work but we don't pay each other a salary, we just put the money in our business account when it comes in and file 1 schedule C for the business on our yearly tax forms. She owns 1 share in the LLC and i own 100.
How would i structure this so that my income is limited to 17K and the remainder over that goes into her income. Do i need to update the LLC agreement? or put each other on the payroll or maybe just me?? do i just transfer ownership (all shares) to her? This is all new to me.
How would i structure this so that my income is limited to 17K and the remainder over that goes into her income. Do i need to update the LLC agreement? or put each other on the payroll or maybe just me?? do i just transfer ownership (all shares) to her? This is all new to me.