Can a non-member of an LLC receive a K-1 form? Is that a thing?

cubenewb

New member
Also, how would an S-Corp member get their hands on an LLC's operating agreement? Would a copy be filed with the state and easily accessible?
 
@cubenewb Generally speaking, K-1s would only be sent to people that should receive K-1S. they contain a lot of PII, so they would not be available to nonmembers. Agreements are generally not filed with states, so to get an operating agreement you would have to obtain a copy from the company or a member.
 
@jacobhudson Thanks. One additional question - if an LLC member is said to have a 10% ownership stake in the LLC (and has been receiving a K-1 form reporting income to that affect), would there have ever been a point when that 10% owner would've signed the LLC operating agreement signifying that? I would assume so, but in this *ahem* hypothetical, the 10% owner never signed anything, but has been receiving the K-1 form for taxes.
 
@cubenewb Operating agreements, fall under state, law, K-1 and taxes fall under federal law. Many states don’t even require operating agreements. I’ve never seen a situation where a K-1 is different than the actual ownership. But I’m sure it could happen. And I should note, I’m neither a lawyer nor an accountant. But unless there’s something weird that I am not aware of K-1s absolutely prove legal ownership, regardless, of what else is out there
 

Similar threads

Back
Top