LLC partnerships and tax benefits - Posted by Earl

import · February 10, 2002, 9:28am

Posted by JHyre in Ohio on February 12, 2002 at 06:29:08:

I’d form the LLC in your home state. The tax liabilities and benefits can be sorted out any way you’d like…but alot of accounting and tax prep costs can be avoided if each of simply takes some percentage of profits and losses. Reimbursements of capital to her are also OK. Anything fancier than that ususally requires professional advisors with strong partnership tax skills.

John Hyre

import · February 10, 2002, 9:28am

LLC partnerships and tax benefits - Posted by Earl

Posted by Earl on February 10, 2002 at 10:28:45:

A family member living in a different state would like to invest in rental housing with me. Would forming a LLC in NY benefit her from a tax standpoint? How are the tax liabilities and benefits sorted out on a percentage basis.

Thanks,

Earl