LLC as partnership tax question
by Robi, Window Shopper
- Created: January 14, 2011, 1:37 pm
- Updated: January 31, 2011, 4:12 pm
If my LLC is a partnership and if each partner is charged with his/her % of the income for the year but the income is not distributed to them, how is that non-distributed income treated for purposes of the LLC? Also, if non-distributed income stays in an LLC for which taxes have been paid by members, what happens if the partnership is sold or dissolved? Will the partners be taxed a second time on these monies? Thank you for your help.
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