Ferodynamics (what is your name?), So, do you have a Sole Proprietorship? I take it you do not have an LLC? :-)
Thanks, Holly Keith Aric Hall wrote: > I'm not sure the point you are trying to make here. If you read on > further you will see that it says... > > > "Remember, this is only a mechanism for > > tax purposes. It doesn’t change the fact that > > the business is legally a Limited Liability > > Company." > > > Which means the personal liability protection and other legal statuses > still apply to single member LLCs. And if an LLC has more than one > member it files form 1065. The form you file is only a mechanism for > reporting income/loss to the tax authorities. It does not interfere > with legal status. Nor does it change your "tax status." > > > We can go on and on ad nauseam. My point still stands. You need to > consult a tax/legal professional. > > > kah > > > On Sun, Aug 23, 2009 at 5:45 PM, ferodynamics <[email protected] > <mailto:[email protected]>> wrote: > > > www.irs.gov/pub/irs-pdf/p3402.pdf > <http://www.irs.gov/pub/irs-pdf/p3402.pdf> > > "What Kind of Tax Return > Do I File? > 1. Single member LLCs. > Generally, when an LLC has only one > member, the fact that it is an LLC is ignored > or “disregarded” for the purpose of filing a > federal tax return.1" > > On Aug 22, 6:35 pm, Keith Aric Hall <[email protected] > <mailto:[email protected]>> wrote: > > Dude, please stop. Pub 555 is in regards to community property > laws. It has > > nothing to do with your federal tax status or your federal tax > return. LLCs > > file form 1065 same as a partnership. You may not be making it > up, but you > > certainly do not know what you are talking about. > > I got my degree in accounting and worked both Arthur Andresen, > LLP and Ernst > > & Young, LLP as a tax accountant 10 yrs ago before i made the > jump to web > > dev and graphic design. Information can be a dangerous thing. > Please consult > > a tax professional. > > > > > > > > On Sat, Aug 22, 2009 at 5:43 PM, ferodynamics > <[email protected] <mailto:[email protected]>> wrote: > > > > > I don't make this stuff up, I'm sure you can find plenty more > > > references as IRS.gov > -http://www.irs.gov/faqs/faq/0,,id=199633,00.html > > > > > "If the LLC has: Only one owner, (see Publication 555, on > > > community property states), it will automatically be treated > as if it > > > were a sole proprietorship (a disregarded entity), unless an > election > > > is made for it to be treated as a corporation." > > > > > As I said, no distinction. You file as a sole proprietor, > partnership > > > or corporation, you don't file as LLC. > > > > > On Aug 22, 4:13 pm, Keith Aric Hall <[email protected] > <mailto:[email protected]>> wrote: > > > > I disagree as well. > > > > LLCs are not the same as C-Corps. Your point about tax > benefit of LLC vs > > > > C-Corp is incorrect as well. The IRS does make a distinction. > > > > > Good one. Now where's your proof? > > > > -- > > Keith Aric Hall > > > > http://www.keitharichall.com/ > > twitter: keitharichall > > > > > -- > Keith Aric Hall > > http://www.keitharichall.com/ > twitter: keitharichall > > > --~--~---------~--~----~------------~-------~--~----~ Our Web site: http://www.RefreshAustin.org/ You received this message because you are subscribed to the Google Groups "Refresh Austin" group. [ Posting ] To post to this group, send email to [email protected] Job-related postings should follow http://tr.im/refreshaustinjobspolicy We do not accept job posts from recruiters. [ Unsubscribe ] To unsubscribe from this group, send email to [email protected] [ More Info ] For more options, visit this group at http://groups.google.com/group/Refresh-Austin -~----------~----~----~----~------~----~------~--~---
