USA Structure a join venture

[noam46]

can i open a new bank account under my llc
then consider it a bank account for a joint venture? so for example,
my brother in law, my wife, and myself want to deposit money together to buy and sell coins.

i was thinking can we operate under a join DBA using that account which is under my LLC, pay my partners as "contractors" - since they are not us citizens can they invoice me from their account overseas and me not pay taxes on their cut?

any advice would be great, thanks.

 

[StanleyR1]

You cannot pay your partners as contractors. Regardless of where they live, money paid to them would be a distribution of profits and still subject to U.S. taxes.

 

[noam46]

You cannot pay your partners as contractors. Regardless of where they live, money paid to them would be a distribution of profits and still subject to U.S. taxes.

ok ty.

can I open a bank account under my own LLC, and consider it 1/3 ownership for each partner ?

 

[StanleyR1]

I can't answer from a legal perspective. You might be subjecting the organizations to unnecessary or unwanted legal exposure. For example, if the LLC goes under, it could take the partnership money with it.

From an accounting perspective, you can do it, but you'll want to keep separate books for each venture and the new checking account would be tracked in the partnership books.

Either way, I would advise against it.