"Irving Katz" <irvkatz[at]ameritech.net> wrote:

- quote -

I'd suggest using the guaranteed payment approach to pass
all the net income to you. The other 3 would also get K-1's,
but show zero net income. If you have any meal expense, be
sure to consider the nondeductible portion as well in
considering the GP. This makes thing complicated enough that
you should probably seek out a pro.

--
Tom Healy, CPA
Boulder, CO
Web: http://www.tomhealycpa.com

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"Irving Katz" <irvkatz[at]ameritech.net> wrote:

- quote -

You can't have guaranteed payments unless you actually
received payments.

--
David M. Woods, EA, ChFC, CLU
Woods Financial Services
Norwood, MA 02062
www.woods-financial.com

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Irving Katz wrote:

- quote -

Not a problem. When the 1065 form is done, there will also
be four schedule k-1's attached. Your 100% will show on
yours and a big fat zero on line one of the other three.

ChEAr$,
Harlan Lunsford, EA n LA
Sun 30 Jan 2005

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Greetings to all. TIA to anyone with insight on my particular issue:

I am a partner in an LLC in Ohio. I have three partners
for a total of four, but I was the only one who performed
any work this year, so the partnership agreed that I get
all the profits... what is the best way to reflect that
on the 1065?

Currently, I have it set so that I have 100% of profits,
losses, and ownership. Is there a better way or is this
the intended method? Should I use Guaranteed Payments
instead?

My main concern is that I want to bear all of the tax
burden and ensure that my partners are free and clear
of owing any taxes on the company profits.

Thanks very much.

Irv

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