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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Gawd...Not Again!! 3.3% Tax Questions Posted by Jim on November 29, 2003 at 3:36 PM In Reply to: Re: Gawd...Not Again!! 3.3% Tax Questions posted by jom on November 29, 2003 at 12:13 AM : : Question #2: What does the phrase mean: 'disregarded for federal and California income tax purposes'? : It is being redundant. A Single member LLC does NOT have to file partnership : K-1 forms or 1065's. The tax data goes directly to your 1040 and it's : various schedules. Therefore it is "disgregarded" for tax purposes ONLY. You still : get the limited liability and all the other stuff that goes along with it. : I've been thinking about this "problem" myself. Why not get your brother or sister : to partner up with you? Or some other set up... : jom Jom, Thanks for the clarification. I had in mind to add my son-in-law to the LLC. Would that defuse/defeat the requirements and give me my exemption? How difficult is it to add an additional member to an LLC? What might be the tax impact on him then if he were a member of my LLC? Looks like I have some more reading to do. Jim Follow Ups: Re: Gawd...Not Again!! 3.3% Tax Questions jom-CA 6:09 PM, 11/29/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : : Question #2: What does the phrase mean: 'disregarded for federal and California income tax purposes'? : : It is being redundant. A Single member LLC does NOT have to file partnership : : K-1 forms or 1065's. The tax data goes directly to your 1040 and it's : : various schedules. Therefore it is "disgregarded" for tax purposes ONLY. You still : : get the limited liability and all the other stuff that goes along with it. : : I've been thinking about this "problem" myself. Why not get your brother or sister : : to partner up with you? Or some other set up... : : jom : Jom, : Thanks for the clarification. I had in mind to add my son-in-law to the LLC. : Would that defuse/defeat the requirements and give me my exemption? : How difficult is it to add an additional member to an LLC? : What might be the tax impact on him then if he were a member of my LLC? Looks like I have some more reading to do. : Jim Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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