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Taxation Of The Limited Liability Company

An LLC, is classified for tax purposes as a partnership, it is not subject to federal income tax. Persons carrying on their business as members shall be liable for income tax only in their separate or individual capacities. As an entity the LLC computes and characterizes taxable income and files a tax return (Form 1065) which is essentially an information return. Computing the LLC’s amount of profits or losses is important in determining how much profits or losses should flow through to the members. Once the LLC’s amount of profits or losses has been determined, the profits or losses can then be allocated proportionally to the members according to the allocation determined by the Limited Liability Company Operating Agreement.

In general, LLC taxable income is computed in the same manner as an individual’s taxable income with certain modifications. The most important modification is that items described in Internal Revenue Code Section 702(a) are separately stated. The reason for separately stating these items is that they have special significance to individual members. Internal Revenue Code Section 703(a) also denies two types of deductions that individuals are normally permitted. The first type of deductions is those that are considered inappropriate for LLCs, such as the deduction for personal exemptions and the itemized deductions. The second type are those deductions which the benefits are passed through to the members in their individual capacities, such as certain foreign taxes, charitable contributions, net operating losses, and depletion and of oil and gas wells.

Everything You Need to Know to Form Your LLC Can Be Found at www.myllcagreement.com

MyLLCagreement.com is a terrific website for showing you what steps you need to take to form your LLC. It is a FREE website that essentially names the 4 simple steps you need to take to form your LLC and provides quick links to any of the appropriate state and government websites to access key forms such as the Articles of Organizations as well as your LLC’s EIN or Federal Tax Identification Number. The website provides valuable background information describing the four steps :

1) Check Name Availability

2) Articles of Organization

3) Obtain an LLC Operating Agreement

4) Obtain an EIN or Federal Tax Identification Number for your LLC

Why these four steps are needed and how to go about completing them. The amazing thing is that you will learn that you can form your LLC on your own for FREE in minutes. It is very easy to do and there is no need to pay a lawyer thousands of dollars. Most of what is needed to form your LLC can be done online in minutes. Take a look at the site www.myllcagreement.com and let us know what you think.

Wishing you all the success in the world In your new business venture.

MyLLCAgreement.com and Harvard Business Services, Inc. Form Strategic Alliance

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!

NY Single Member LLC Subject to New Filing Fee

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.

Jan 28th, 2010 | Filed under Articles & Posts

IRA May Serve as TMP in Self Directed IRA LLC

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.