My wife is 51% majority. I use the LLC for my income from a different company who pays me by 1099.
I took advantage of the PPP loan program due to the 9/10s loss of income due to the shut down in my state. Well that and I figured if the funds were available and we and our children and grandchildren will be paying for it anyhow go for it. In order to get the proceeds for the loan I needed to have a business account set up so I opened one at the bank we do business with both personally and for my wife’s business separate from mine. It was only after the bank did an audit that I remembered she had controlling interest. Just looking to get that changed since the “my name” llc is only for tax purposes and has never since 2013 had any involvement with my wife except for the majority stake.
Hope that makes sense.
Yikes, I think you have been too clever by half with the arrangement you have set up. I think it’s best for me to not offer any further advice. I will say that the only reason to have an LLC is to shield the members from personal liability for whatever business the LLC engages in. Doing business as an LLC provides no tax benefits whatsoever. Good luck.
Holy shell companies, Batman, did he just admit to tax fraud?