LLC corp
I’m going to retire end of the year. The owner is going to give me $50,000 per year for 5 years. The company will 1099 me for taxes. I’m told I should set up a LLC to taxes. What is your opinion on that? thanks for your help in this matter
Terry Says
I’m not quite sure what your situation is. But a “promise” from your employer is not enforceable unless it is a written contract! Are you selling your business — is that what they payment is for? Is it a “farewell bonus”?
It’s important to know what this money is for, since that will impact the rate at which you pay taxes!!
An LLC will not help you with taxes, since taxes are filed on your own return.
I suggest you contact an attorney to finalize this “deal” before turning over title to any business or property.
