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system
being a 1099 for a company i part-own?
user
the contract he wants me to sign states i'll receive my monthly   stipend (if that is the right word) as a 1099 contractor. the right word is guaranteed payment, which is what "salary" is called when a partner is working for a partnership she's a partner in. which is exactly the case in your situation. 1099 is not the right form to report this, the partnership (llc in your case) should be using the schedule k-1 for that. i suggest you talk to a lawyer and a tax adviser (ea/cpa) who are licensed in your state, before you sign anything.
assistant