That would seem to make sense. It's not an issue with a partnership because you can't have a single member partnership. Which is also one of the benefits of an LLC. It shares many of the same characteristics of a partnership. But I digress. I am not a tax professional. I left that arena 10 years ago and I know the code has changed plenty since then. kah
On Sun, Aug 23, 2009 at 6:10 PM, Terry Brown <[email protected]>wrote: > I think the main reason this is stated this way in the tax code is that > inherently a single member LLC has the tax impact flow through to the single > member - so effectively there is no difference than filing as an > individual. Isn't that right? > > > > But still - that has no bearing whatsoever on whether a business person > should consider filing as an LLC. > > > > I agree 100% - consult a professional. > > > > <http://www.designfirms.org/awards/>** > > <[email protected]> <[email protected]>** > > <[email protected]> > > > ------------------------------ > > *From:* [email protected] [mailto: > [email protected]] *On Behalf Of *Keith Aric Hall > *Sent:* Sunday, August 23, 2009 6:00 PM > *To:* [email protected] > *Subject:* [Refresh Austin: 4385] Re: business model > > > > 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]> > wrote: > > > 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]> 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]> > 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]> 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 > > > > > > -- 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 -~----------~----~----~----~------~----~------~--~---
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