Limited Liability Partnership
- Thread starter Poorboy
- Start date
I sure will Do That, But I Just wanted to Read One before I Approach My Lawyer to Kinda Know what I'm Getting Myself Into!! Thanx for the Recommendation Though!!
Last edited:
greg334
Veteran Expediter
The last one I had was very simple, it had the duties of each partner in the company spelled out (who handles the finances, who handles the equipment and so on), who did what in the company and how it was dissolved. The last part is the more harder to put together and it is something that needs to be talked about with your partner.
The one before that was where I got burned, he cleaned the bank accounts out and there was a simple clause that caused it impossible for me to go after him legally but alas he was screwed over by his wife when she divorced him.
The one before that was where I got burned, he cleaned the bank accounts out and there was a simple clause that caused it impossible for me to go after him legally but alas he was screwed over by his wife when she divorced him.
Maybe I'll Have to Find someplace and Buy a Blank One so I will know what I'm getting Myself Into, Or if I even Want to Get Involved in One!! I want to Try and Avoid Getting the Shaft Like Greg Did That's For Sure! But Like he said, His Partner Got the Shaft From his Ex-Wife, Guess that's what is Called Poetic Justice
To POORBOY
LLC
Thursday, November 12, 2009 5:47 PM
From:
"Franklin Katz" <[email protected]>
My recommendation is do not form a partnershio LLC yet until you check out your own state laws in reference to the LLC/
1. You still need a Federal Tax ID #, Employer Identification Number
2. A business Checking account must be kept separately
3. You must withdraw a pay check weekly and pay payroll taxes
4. Carry Workmen Comp for the Company
5. With the new health care reform that will maybe pass the senate before the holidays you would have to pay for Health Insurance
6. Must keep all record accurately, all reciepts, and etc.
7 pay payroll taxes and a K_! must be issued to each partner
8 and most importantly the tax return MUST BE FILED BY MARCH 15TH OF EACH YEAR, NOT APRIL 15TH.
Here is the Problem with LLC's if you form one in your home state, Your liability stops at the state line, it does not cover your beyond that, period! This is the disadvantage of the LLC. and you would have to form a LLC in each state that you travel in. and that could be a lot more expense than forming a "S" Corp, or Full "C" Corp in the long run
The average of LLC filing per state is about anywhere from $100.00 to $300.00 ( just the state filing fee plus additional fees.
if you check the posting earlier, I posted the in and outs of a LLC. it is in 3 parts, look in the archives. in July of 2008 ----
the good, the bad and the ugly of LLC's
here are some examples of filing fees
standard Tax ID # anywhere from $35- $100.00
Certified copy of State Documents $35.00 plus the State fee (roughly $40.00) Each State
Business License Applications Around $100.00 each state
LLC Kit and Seal Around $100.00 each state
plus the actual state fee for LLC, (not Partnerships) partnerships are more or less for the state filing fee only.
Alabama $85.00
Georgia $100.00
SC $100.00
NC $125.00
TN $300.00 plus a state ID # at $25.00
FL $135.00
The average is $350.00 per state that you would travel into.
Now filing for a Corp is a one time deal, Approx $500.00--$800.00 depending on the lawyer and you do not have to file for each state.
but you have to keep minutes, and have corp meeting, file annual corp reports with the state each year, in January
Tax returns must be filed by March 15th of each year.
if you have any questions.
Franklin Katz, ATP ,PA, PB
Frank’s Tax and Business Service
120 York Rd
Kings Mountain, NC 28086-3151
(704) 739-4039
Fax: (704) 739-3934
Providing Professional Accounting Services and Income Tax Preparation
Circular 230 Disclaimer – Any tax advice in this communication (including any attachments) is not intended or written to be used, and cannot be used, by any taxpayer for the purpose of (1) avoiding tax related penalties under the Internal Revenue Code or (2) promoting, marketing or recommending to another party any transaction or tax-related matters addressed herein.
LLC
Thursday, November 12, 2009 5:47 PM
From:
"Franklin Katz" <[email protected]>
My recommendation is do not form a partnershio LLC yet until you check out your own state laws in reference to the LLC/
1. You still need a Federal Tax ID #, Employer Identification Number
2. A business Checking account must be kept separately
3. You must withdraw a pay check weekly and pay payroll taxes
4. Carry Workmen Comp for the Company
5. With the new health care reform that will maybe pass the senate before the holidays you would have to pay for Health Insurance
6. Must keep all record accurately, all reciepts, and etc.
7 pay payroll taxes and a K_! must be issued to each partner
8 and most importantly the tax return MUST BE FILED BY MARCH 15TH OF EACH YEAR, NOT APRIL 15TH.
Here is the Problem with LLC's if you form one in your home state, Your liability stops at the state line, it does not cover your beyond that, period! This is the disadvantage of the LLC. and you would have to form a LLC in each state that you travel in. and that could be a lot more expense than forming a "S" Corp, or Full "C" Corp in the long run
The average of LLC filing per state is about anywhere from $100.00 to $300.00 ( just the state filing fee plus additional fees.
if you check the posting earlier, I posted the in and outs of a LLC. it is in 3 parts, look in the archives. in July of 2008 ----
the good, the bad and the ugly of LLC's
here are some examples of filing fees
standard Tax ID # anywhere from $35- $100.00
Certified copy of State Documents $35.00 plus the State fee (roughly $40.00) Each State
Business License Applications Around $100.00 each state
LLC Kit and Seal Around $100.00 each state
plus the actual state fee for LLC, (not Partnerships) partnerships are more or less for the state filing fee only.
Alabama $85.00
Georgia $100.00
SC $100.00
NC $125.00
TN $300.00 plus a state ID # at $25.00
FL $135.00
The average is $350.00 per state that you would travel into.
Now filing for a Corp is a one time deal, Approx $500.00--$800.00 depending on the lawyer and you do not have to file for each state.
but you have to keep minutes, and have corp meeting, file annual corp reports with the state each year, in January
Tax returns must be filed by March 15th of each year.
if you have any questions.
Franklin Katz, ATP ,PA, PB
Frank’s Tax and Business Service
120 York Rd
Kings Mountain, NC 28086-3151
(704) 739-4039
Fax: (704) 739-3934
Providing Professional Accounting Services and Income Tax Preparation
Circular 230 Disclaimer – Any tax advice in this communication (including any attachments) is not intended or written to be used, and cannot be used, by any taxpayer for the purpose of (1) avoiding tax related penalties under the Internal Revenue Code or (2) promoting, marketing or recommending to another party any transaction or tax-related matters addressed herein.