Hello Linda,

My husband and I started a LLC business and its been kind of slow right now so he had to take another job.
My quiestion is I know we have to file form 1065 but if we made just little money and didn't pay ourselves do we still have to pay self employed taxes?
Lets say we make 25K and we don't pay ourselves we just leave it on the business account I mean how do we file self employed tax? And how much does the business get taxed because I know for self employed its about 15%.

I'm confused about the best taxing structure for a husband/wife LLC. My wife and I want to start an LLC. since we will both be working in the business and want to be covered under limited liability protection. The downside of this is that we will be taking a double hit on self-employment taxes if our income rises above the self-employment tax minimum.