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Conference Call April 29th 2019

April 29th, 2019

  • Operating agreement terms
  • Buy sell agreement and rules
  • Labor law compliance
  • S LLC election
  • Annual reports
  • Annual meetings
  • Change of Address
  • If my LLC has multiple members, what is the latest date I must send them the annual K-1 statement?
  • State franchise tax numbers
  • I didn’t put a capital contribution on the operating agreement on the docu sigh when I first sigh it. How do I put correct that?
  • My wife and I have a LLC, and I listed her as having 100% ownership. Should we split it 50 50 or 60 40 etc.
  • They have sent me a lot of documents. Do I need to download all of them?
  • LLC vs S Corp tax treatment
  • California management of Oregon LLC.
  • Capital Contribution, Loans, Start-up expenses.
  • Partnership Quarterly tax filings.
  • Employment withholding.
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Conference Call April 8th 2019

2109 04 08

  • signing the operating agreement
  • Schedule A
  • Capital contribution
  • Should your company have insurance
  • “S” election
  • Schedule B
  • CA SoS fees
  • Tax year and payments
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Conference Call March 25th

undoing S Corp election

loans and capital contribution

business plans

change Financial year – C Corp filing

Do-it-yourself companies.

using one LLC fror multiple flips

Tax liens

Living Trust

revocable vs. irrevocable

1 page business plan.

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March 11, 2019 Conference Call

S Corp taxation

paying yourself owners draw

as a realtor

schedule “A” capital contribution

amount of interest on a loan

paying interest through a company bank account.

Rental properties / collection problems

probate strategies

Using a holding company to collect rent

AZ post-filing requirements

When should the state annual report be filed?

using a living trust to manage taxes.

Adding your spouse to an LLC


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Conference Call

I have an LLC and I did not file anything for taxes. What are we supposed to do?

Would you have a template that we can use?

if we didn’t make money last year, but spent more money trying to get the business going, do we still need to file tax?

single filing jointly

North Carolina Attorney General / real estate scams

what happens when someone dies / trust / will

selling real estate through LLC profits / capital gains

how do partnership LLC pay their members? and there are no other employees?

My current LLC was formed with an individual who no longer wants to be in the partnership. What is involved in removing this individual and replacing with another?

generally speaking what do you recommend for assets protection?

How can I operate a company that protects me?

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Company Paperwork

Learn how to document decisions of legal, tax and financial significance for your company, using the easy to follow template guide.

Includes Workbook and Templates.

One of the most powerful tools you have is an up-to-date minute book containing all your important decisions documented in the form of meeting minutes and written consents. Does this sound like a foreign language to you? It won’t be with this module. Includes templates to document your resolutions and meetings.

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Getting ready for your Annual Meeting

Many of our clients ask whether or not they have to hold an annual meeting if their entity is an LLC. Since it is not required by law in most states, why bother?

The answer goes back to common sense. You must be able to show a court of law that you are running a professional organization, separate and distinct from you, the owner, in order to maintain your liability protection.

Why would you give up the opportunity to run – and document – a formal meeting that shows you are acting in a professional manner?

More importantly, most operating agreements state that an annual meeting must be held.

Failing to abide by the terms of an agreement that, most likely, you signed, can seriously damage your protection.

The key here is not to fuss over the meeting, but to hold it in a manner that is fun.

First, choose a restaurant that you particularly enjoy – or perhaps one that you have always wanted to visit, as long as the bill will be reasonable for the level of business your company brought in last year. If you are on vacation, holding your annual meeting while you are away is one way to have the company foot the bill for some of your expenses.

Next, spend a couple of hours preparing. If you have kept your minutes up-to-date during the year, review them to ensure they are complete and note anything that is missing. If your minutes have not been kept up-to-date, make a list of all the decisions made and actions taken by the Managers that need to be approved and ratified.

The list does not have to be in the form of a Written Consent: You can create that later. Create an agenda for your meeting, including items to discuss regarding your plans for the current year.

Remember, if you are going to a nice restaurant, this meeting could last an hour and a half to two hours. And prepare a Waiver of Notice of Meeting and sign it. Bring your agenda and your notes to the restaurant. Hold your meeting in a leisurely fashion.

If your spouse or partner is with you but is not part of the company, make sure you note his or her presence as a non-member, and appoint him or her as secretary for the meeting. Make sure he or she takes notes during your discussion to help you write up the resolutions later on.

If you are alone, take notes yourself so you can remember what you thought about. Remembering may not be as easy as you think by the time you get to dessert.

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Investing with your IRA

Please review these videos and information for Checkbook IRA LLCs.

 

If you or another dis-qualified party invest along with your IRA this transaction will raise red flags and may be regarded as an “enabling” transaction. As a result the IRS may cause your IRA funds may be prematurely distributed along with taxes and penalties.

Some people are using their IRA funds to supplement the funds needed for an investment. (or vice versa) We have been informed that combining personal and IRA funds this way could be interpreted by the IRS as a “prohibited transaction” resulting in premature distributions, penalties and taxation.

Contact your Custodian and / or Qualified Accountant for details.

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Virtual Office

If you wish to set up a mail forwarding address for privacy, many of our clients are using the virtual office services offered by Davinci Virtual Office.

Please contact Christie Julian, Director of Sales (866) 875 7848 or cjulian@davincivirtual.com for more details. They have provided a video to show how their services function.

A no-cost option (as in FREE) to set up a business phone number is Google Voice. Once created, the new number can be set to ring as many other phone numbers as you wish.

Electronic FAX services also provide a cost effective means to receive or send FAXes from your PC. We use MaxEmail for our companies.

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Trading

Are Your Trading Gains Enriching the IRS and NOT You?

More and more people are making serious money in the stock market – trading options or stocks directly, or in the FOREX or the Futures markets. Whether you’re an investor or a full time trader, there are legitimate ways to increase your profit!

If you’re not sure of the difference between an IRS recognized Trader and an Investor, we have some more information just for you.  With this learning under your belt, you’ll be better off and able to make good decisions.  Decisions that can save you $10,000 or more every year. Watch this introduction to the IRS rules and how you can use them to your benefit. This eHow explanation may also be helpful in your decision-making. Please be aware that rules change and you should contact a knowledgeable accountant for your specific circumstances.

Are You an Active Investor?

If you are an active investor who would like to get more tax breaks and keep more of your earnings at home, keep on reading and view the video. You probably already know that your trading activity doesn’t qualify for the IRS “definition” of a trader, and so you are not able to claim the tax benefits that the IRS extends to that elite group of people. And even if you are trading as your primary source of income, the IRS may still dis-allow expense deductions that can legitimately benefit your bottom line. We have developed solutions that allow you to reduce the amount you pay in taxes on your profits. All legal and accepted by the IRS.
If you want to learn how easy it is, watch this Investors Only video.

Are You an IRS Qualified Trader?

If you’re an IRS qualified trader, wouldn’t you like to know how to get even more tax breaks and show even more profit for your work? You’re working hard to stay focused and on top of the market. You shouldn’t have to wonder if there is a way to reduce the taxes you pay, but you do. We have developed solutions that allow you to reduce the amount you pay in taxes on your profits. We can show you how to implement tax free benefits to you and your family – scholarships, medical re-imbursement plans and more. All legal and accepted by the IRS.
If you want to learn how easy it is, watch this Traders Only video.