What is a Limited Liability Company?

Question

Can the Managing Partner in a Limited Liability Company receive a salary?

Answer 1

Here is some info.-
http://sbinformation.about.com/cs/ownership1/a/LLC.htm
http://www.irs.gov/pub/irs-pdf/p3402.pdf#search=%22limited%20liability%22
http://www.lectlaw.com/files/buo01.htm
http://www.llrx.com/features/llc.htm

Of course, you should always consult an attorney in your state for the most accurate and current info. on a topic like this.

Answer 2

Take look at IRS document for the basics on business structure, including LLC.
http://www.irs.gov/businesses/small/article/0,,id=98359,00.html

Yes, the Managing Partner can receive a salary. A lot of times LLC are used in self employed, small businesses. The owner, managing partner (whatever job title they give to themselves) will just take a distribution.

Best wishes.