I`m new to this site/forum and was hoping to get an answer to a hopefully simple question.
I`m starting up a new LLC and one of the few remaining questions I have involves the following;
The reason I`m setting my business up as an LLC vs. a partnership is due to the fact I`d like to limit my personal liability.
To give my wife a sense of involvement however I`d like to give her 50% ownership of the company, the other 50% would obviously be mine.
My wife is currently employed full-time but hopefully in the future she can work part-time for our company. For the next few years though she will be a "silent partner/owner".
Since we`re married we can file the LLC`s tax as a single entity from what I understood.
I was just wondering if there are any downsides or objections to this kind of approach in setting up my business. Is it ok to appoint my wife 50% ownership and a title of say vice president even though she will have 0% activity in the company for the time being?
Is there another way to have my wife`s name on the LLC without her requiring to work for the company?
I hope someone with experience or expertise in this area can assist me.