On May 28, 8:32 am, Rich Bowen <[email protected]> wrote: > On May 27, 2009, at 17:22, Blake Johnson wrote: > > > Every member of the Habari LLC will have to receive a Schedule K-1 and > > report Habari income and expenses on their personal tax returns. This > > is a non-trivial addition to tax prep that I would not wish upon > > anyone, let alone a large group of people. For this reason, I am in > > favor of limiting the LLC membership to a small subset of people > > (perhaps the founding four?). > > Um ... seriously? > > My taxes are way too complicated already. Why would I have to receive > any kind of schedule anything, if I don't receive any actual > compensation from the corporation? > Some basic information on LLCs can be found here:
http://smallbusiness.findlaw.com/business-structures/llc/llc-basics.html As I understand (speaking without benefit of a lawyer), an LLC is like a sole proprietership in that profits/losses are claimed on individual partners' tax returns, not on a corporate tax return. > What baffles me about all this stuff is that the ASF has 200+ members, > and *none* of them have any such requirements. What's the difference? > Is it because it's a 501? > I would think so, since a 501 is a form of corporation. <snip> To the point of non-US citizens, according the LLC FAW on the site referenced above, non-US citizens can be partners in the LLC. See http://public.findlaw.com/abaflg/flg-13-3d-1.html Rick --~--~---------~--~----~------------~-------~--~----~ To post to this group, send email to [email protected] To unsubscribe from this group, send email to [email protected] For more options, visit this group at http://groups.google.com/group/habari-users -~----------~----~----~----~------~----~------~--~---
