I am a 15% owner of a business. We do all our own work, no employees, just owners. Am I 10-99 or W-2? -

We are a brand new business. I own 15%, and 2 other people own the rest equally. We have no employees other than ourselves, as we do all the work that our company provides. Until now, the other owners have not made any income from the business, because they ve been putting all profits back into the company. With the addition of me into the company, I will be receiving income from the business, but I also own part of it. We have no benefits, no insurance, no vacation, ect... Should I be a 1099 employee, or should I fill out a W-2?

http://www.irs.gov/businesses/small/arti��partnership incomeu would use neither 1099 or w2 --until you get paid weekly; then the W2. ONE form isfor giving to the company who then files it. The other is for you to file with the IRS.suggestion; call 3 CPA firms and them handle what you are doing.I am not sure several partners for a small biz is in your best interest;usually, innovation gets clogged up with more than 1 partner

Several issues here. If the business is a corporation, then you re either owners or employees. If owners, then the money received by you are dividends. If employees, then W-2.If the business is a partnership, then you re in another tax realm.

I believe 1099 is the way to go, but I d double check that at your local IRS office.