- Jurisdiction
- Florida
My husband and I live in the state of Florida.
We are starting an online business selling digital downloads and eventually tangible merchandise to various online marketplaces. We created an LLC and filed it in the state of Florida and also applied for the applicable FL licenses that are needed.
We created an EIN on the IRS website as a multi-member (2 member) LLC. I'm the owner of it, with it being my primary source of income, and my spouse is listed as a co-owner/member on it. My spouse is disabled and wont be able to contribute work to the business, and he receives SSI (not SSD due to being injured at the age of 19 and not having enough quarters).
We were informed by an accountant that it might be better to have him viewed as an owner/member/shareholder. What would be the option for taxation of the LLC so that it does not effect his SSI and medical insurance coverage? Would it be an S Corp? Can you please help with this?
For reference, we file our taxes as married filing jointly.
We look forward to hearing from you. Thank you so much for your time, knowledge, and stay safe.
We are starting an online business selling digital downloads and eventually tangible merchandise to various online marketplaces. We created an LLC and filed it in the state of Florida and also applied for the applicable FL licenses that are needed.
We created an EIN on the IRS website as a multi-member (2 member) LLC. I'm the owner of it, with it being my primary source of income, and my spouse is listed as a co-owner/member on it. My spouse is disabled and wont be able to contribute work to the business, and he receives SSI (not SSD due to being injured at the age of 19 and not having enough quarters).
We were informed by an accountant that it might be better to have him viewed as an owner/member/shareholder. What would be the option for taxation of the LLC so that it does not effect his SSI and medical insurance coverage? Would it be an S Corp? Can you please help with this?
For reference, we file our taxes as married filing jointly.
We look forward to hearing from you. Thank you so much for your time, knowledge, and stay safe.