USA LLC Health Insurance

[Jason Taylor]

I own a multi member LLC with two equal partners. We are looking to purchase insurance for the three members.

My question is, is the LLC allowed to reimburse the members for their own insurance they buy individually? Or does the insurance plan have to be under the LLC in order to reduce our net income.

Thanks

 

[kirby]

LegalZoom: Start Your Business, Form Your LLC or INC

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[Jason Taylor]

LegalZoom: Start Your Business, Form Your LLC or INC

Let LegalZoom help you start your business. Whether you need to form an LLC or incorporate, LegalZoom can help.

info.legalzoom.com

Thanks Kirby.

Another question.....
Can the LLC pay the members insurance premiums in the form of a guaranteed Payment, then those payments are expensed out to the LLC correct?

If so, where does the member report those guaranteed payments on his taxes, knowing that they must pay self employment tax on those payments.

 

[kirby]

Not familiar with that. Maybe someone else can help.