My spouse and I just received our California Real Estate Salesperson licenses and want to form a single member LLC. Should we be 50/50 owners? Can we both be 100% owners? What are the tax, social security and liability reasons for each possibility? Thank you.
A salesperson cannot be in corporate (or LLC) form. A broker can, you can't.
The above is general legal and business analysis. It is not "legal advice" but analysis, and different lawyers may analyse this matter differently, especially if there are additional facts not reflected in the question. I am not your attorney until retained by a written retainer agreement signed by both of us. I am only licensed in California. See also avvo.com terms and conditions item 9, incorporated as if it was reprinted here.
A simgle member LLC is for 1 person. You and your spouse can each own 50% of an LLC, but it would have 2 members: each of you.
See your own business lawyer and CPA for help in structuring your business.
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