LLC Operating Agreements

Premiere LLC and Corporation filing specialist and Registered Agent Service provider, Harvard Business Services, Inc., and a leading online LLC Operating Agreement specialist, MyLLCAgreement.com, announced the formation of a strategic alliance.  With the nearly 30 years experience and knowledge that Harvard Business Services, Inc. offers in the area of LLC formation and the specialization in LLC agreements that MyLLCAgreement.com offers, the partnership will provide LLC’s the tools necessary at the beginning of the formation through the creation and completion of the internal governing documents in a prompt, professional, and efficient manner.

Both parties to the strategic alliance are incredibly enthusiastic and optimistic about the seamless service their joint forces will be able to provide for LLC owners.  Harvard Business Services, Inc.’s Chairman, Richard H. Bell, II, said that he is “pleased to have partnered with a company that offers such a valuable service to limited liability companies.”  Each of these companies is always looking for ways to provide the best possible services to their client base.  A partnership like this will provide the tools necessary to better serve their valued clients.

The presence of both companies on the internet makes it easy for this partnership to provide easy and secure access to LLC filing and document preparation.  Together they will be able to help business owners obtain the best possible protection for their business interests, while keeping their LLC’s up to date.  These two companies will provide easy access to the LLC formation, Operating Agreement completion, and annual compliance; allowing business owners to focus more on their businesses than these often complicated formalities.

About MyLLCAgreement.com

MyLLCAgreement.com specializes in one thing – LLC Operating Agreements.  They have helped thousands of LLCs each month generate customized LLC Operating Agreements so that they can spend their money on their business instead of on pricey lawyers. “Why should people spend extra money that could be better utilized on their own venture!” stated MyLLCAgreement.com President Pamela Rosen. MyLLCAgreement.com will generate customized LLC Operating Agreements specifically tailored to satisfy the legal requirements of all 50 states. 

About Harvard Business Services, Inc.

Since 1981, Harvard Business Service, Inc. has been a leading provider of business formation services, specializing in Delaware entities. The company’s tenure of nearly 30 years in the arena of Delaware business entities offers customers a unique level of insight and expertise. Harvard provides business formation and related services to customers in the U.S. and around the world.

To get started on forming your DelawareLLC visit our website www.delawareinc.com

To set up your personalized LLC Operating Agreement visit https://www.delawareinc.com/agreement/. Use discount code HBS242 to save $10!

Starting in 2009, a NY LLC that is treated as a disregarded entity for federal income tax purposes and that has any income, gain, loss, or deduction from New York sources is also subject to a new filing fee. The amount of the filing fee for an LLC that is treated as a disregarded entity for federal income tax purposes is $25.

The IRS has concluded that an individual retirement account may be designated as the tax matters partner under reg. section 301.6231(a)(7)-1(b)(2) and that the IRA would execute its tax matters partner role through its trustee.

An IRA is a trust (see I.R.C. 408) and its custodian is a trustee for purposes of federal law. Thus, it is a “person” as defined under I.R.C. 7701(a)(1) and a “United States Person” under I.R.C. 7701(a)(30)(E). Thus, an IRA may be designated as Tax Matters Partner under Treas. Reg. Section 301.6231(a)(7)-1(b)(2). It would execute its TMP function through its trustee. Even if the IRA was not a United States person, the restriction under the forgoing regulation applies only if there is a United States person who is eligible. Under your facts, there are no non-IRA partners, so the restriction in question (limiting designations to U.S. persons) does not apply in any event.

Adam Bergman, of MyLLCAgreement.com, to serve as legal expert on www.youngentrepreneur.com.

Prior to launching MyLLCAgreement.com, Mr. Bergman worked as a corporate and tax attorney at White & Case LLP and  Dewey LeBoeuf LLP, two of the most prominent corporate law firms in the United States where he advised thousands of entrepreneurs and business owners on a wide range of corporate and tax issues.  Adam Bergman is recognized as a leading partnership tax expert and has lectured attorneys on the taxation of LLCs.

H.R. 4213, the Tax Extenders Act of 2009, passed on a 241-181 vote after a debate focused mainly on the bill’s offsets: higher taxes on carried interest income and a set of enforcement and information reporting measures targeting offshore tax havens. The bill contains a provision that would change the tax status of a “carried interest” from capital gains to ordinary income, with the purpose of paying for year-end tax extensions.

Impact on Members of an LLC Receiving a Carried Interest

H.R. 4213 would finally close the loophole for what investment fund managers and venture capitalists call “carried interest.”

In general, a middle-income person typically pays income taxes as high as 35 percent plus payroll taxes. Investment fund managers can receive millions of dollars in compensation for their work, but by calling this income “carried interest,” they pay only income taxes at a 15 percent rate.

The “carried interest” label essentially allows these fund managers to pretend that this income is a return on capital investments (and thus eligible for the exception in the income tax that subjects capital gains to an income tax rate of no more than 15 percent).

What all this means is that there is a good chance that investment fund managers and venture capitalists will soon be paying the ordinary income rate on carried interest instead of the capital gains rate.

Learn more about drafting an LLC Operating Agreement to include the grant of a “carried interest” at www.myllcagreement.com