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Forming LLC or not
"I am a resident alien living abroad with my husband and we both qualifify for foeiegn Income
Exclusion. We have no US source income. I pay social seurity Tax to earn credits, on myself Employed income from 2 activities i.e. a management fee of $2500 from Activity 1 which is to manage A rental residential property which is jointly owned by myslf and my husband. Activity 2 is an Advisory/ management fee of $2500 for portfolio investment in various foreign shares/bonds/Funds Owned by self and husband. My husband who lives with me abroad is employed and does not devote any Time for these 2 activities. Please advise do I fill 2 schedule C to report above self employed income? Or show it on 2444 as income. Is it simpler that we should we form 2 LLCs for these 2 ativities ? What should be the structure of such LLCs should LLC be in joint name? If LLCs are formed then do we need to transfer the rental property and the portfolio investments to the LLC or we can continue to hold these in joint name?Please advise do I fill 2 schedule C for above self employed income? Or show it on 2444 as income. Should we form 2 LLCs for these ctivities ? Should LLC be in joint name? If LLCs are formed then do we need to transfer the rental property and the portfolio investments to the LLC or we can continue to hold these in joint name? |
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