Author Topic: any accountants out there that i can ask a question?  (Read 273848 times)

Offline churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #100 on: March 12, 2014, 07:30:54 PM »
If berel buys shmerels company (LLC) for 100k and agrees to pay the 100k down over two years. Would the 100k liability be on now berels company balance sheet or would it be considered berels personal liability?

Offline JunkYardUnz

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Re: any accountants out there that i can ask a question?
« Reply #101 on: March 12, 2014, 07:34:03 PM »
Personal

Offline churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #102 on: March 12, 2014, 07:35:34 PM »
Personal
thought so.
What if the agreement is that shmerel will get 50% of profits for two years, still personal?

Offline henche

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Re: any accountants out there that i can ask a question?
« Reply #103 on: March 12, 2014, 08:57:39 PM »
If berel buys shmerels company (LLC) for 100k and agrees to pay the 100k down over two years. Would the 100k liability be on now berels company balance sheet or would it be considered berels personal liability?

Depends. If you do a LBO, it would be on the company. If he finances it with a personal note, it will be personal.

Offline churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #104 on: March 12, 2014, 09:38:06 PM »
Depends. If you do a LBO, it would be on the company. If he finances it with a personal note, it will be personal.
sounds good ty

Offline rivkao

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Re: any accountants out there that i can ask a question?
« Reply #105 on: March 12, 2014, 09:39:06 PM »
Does an LLC have to file for taxes? What about a trust?

Offline churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #106 on: March 12, 2014, 10:00:07 PM »
Does an LLC have to file for taxes? What about a trust?
no
Yes

Offline Menachem613

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Re: any accountants out there that i can ask a question?
« Reply #107 on: March 12, 2014, 10:03:16 PM »

Offline rivkao

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Re: any accountants out there that i can ask a question?
« Reply #108 on: March 12, 2014, 10:04:00 PM »
no
Yes
Thanks. What about an LLC owned by a trust?

Offline MC

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Re: any accountants out there that i can ask a question?
« Reply #109 on: March 12, 2014, 10:06:01 PM »
LLCs don't file a 1065?

If they choose to be taxed as a partnership they file a 1065

Offline henche

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Re: any accountants out there that i can ask a question?
« Reply #110 on: March 12, 2014, 10:27:28 PM »
Does an LLC have to file for taxes? What about a trust?

llc's and trusts can elect to be treated either as a partnership or a corporation. The default is partnership.

Offline rivkao

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Re: any accountants out there that i can ask a question?
« Reply #111 on: March 12, 2014, 10:37:15 PM »
llc's and trusts can elect to be treated either as a partnership or a corporation. The default is partnership.
So, can they choose not to file?

Offline Bostener

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Re: any accountants out there that i can ask a question?
« Reply #112 on: March 12, 2014, 10:55:40 PM »
Does an LLC have to file for taxes? What about a trust?
Yes to LLC but sometimes only an additional form on the owners 1040. Trust will depend what type of trust it is.

LLCs don't file a 1065?
If it's considered a partnership for tax purposes it will file a 1065.

Thanks. What about an LLC owned by a trust?

It depends what kind of entity the LLC & the trust is. Must likely each entity files it's own return.
Airlines sending me "We're in this together" emails.

Bruh, where were you when my suitcase weighed it 51.50 pounds?

Offline churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #113 on: March 12, 2014, 11:05:15 PM »
A simple question with so many answers!

Basically all trust must file 1041 returns.

So the answer is yes.

Whether or not they are passthrough or entity taxed is a whole different question.

Please CRMIIW

Offline rivkao

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Re: any accountants out there that i can ask a question?
« Reply #114 on: March 12, 2014, 11:27:22 PM »
A simple question with so many answers!

Basically all trust must file 1041 returns.

So the answer is yes.

Whether or not they are passthrough or entity taxed is a whole different question.

Please CRMIIW

CMIIW

Offline churnbabychurn

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Offline Bostener

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Re: any accountants out there that i can ask a question?
« Reply #116 on: March 12, 2014, 11:50:58 PM »
A simple question with so many answers!

Basically all trust must file 1041 returns.

So the answer is yes.

Whether or not they are passthrough or entity taxed is a whole different question.

Please CRMIIW
Wrong!
A grantor trust DOES NOT file a 1041.
Airlines sending me "We're in this together" emails.

Bruh, where were you when my suitcase weighed it 51.50 pounds?

Offline churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #117 on: March 13, 2014, 12:06:51 AM »
Wrong!
A grantor trust DOES NOT NECESSARILY file a 1041.
FTFY

Offline Bostener

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Re: any accountants out there that i can ask a question?
« Reply #118 on: March 13, 2014, 12:18:03 AM »
So, can they choose not to file?
No, they are almost always required to file something.
Airlines sending me "We're in this together" emails.

Bruh, where were you when my suitcase weighed it 51.50 pounds?

Offline ckmk47

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Re: any accountants out there that i can ask a question?
« Reply #119 on: March 13, 2014, 01:04:48 AM »
Wrong!
A grantor trust DOES NOT file a 1041.
Is that the same as an 'irrevocable trust' that was set up by a grantor, cannot be used by the grantor and will pass to the trustees when the grantor passes?

Because I've been filling a 1041.