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12-02-2012, 01:52 PM | #91 | |
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Last edited by Jenson71; 12-02-2012 at 02:17 PM.. |
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12-02-2012, 02:11 PM | #92 |
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I don't know if it's been said or not but why not start over since all you'll probably need is a change of ownership or name?
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03-15-2013, 09:19 AM | #93 | |
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Sorry, yes, you're right. I was thinking you can't be both a corporation and an LLC under state law, which is the case. You're talking about S Corp treatment for tax purposes for an LLC. I'm not enough of a tax guru to know why you'd want to do that, but apparently you can. Sorry.
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03-15-2013, 09:20 AM | #94 |
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Hey NewChief -- did this situation work out ok for you? Obviously you don't need to share too much if you don't want to, but I came across this thread looking for something else, and it made me wonder.
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03-15-2013, 09:27 AM | #95 | |
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We're still in the process of affixing a value to the business for the year 2012, though. Things got very ugly for a while, but they've moved away, causing a lot of the anger to dissipate. We're going to pay them something just to be "fair," but we've yet to determine that amount. Our basic idea is: Value of inventory as of 12/31/2012 plus amount in bank as of same date. Subtract outstanding liabilities (invoices that hadn't been paid for 2012, CPA fees, taxes, remainder of lease, etc..). Divide by 2 then subtract any money that the partner pulled out over the year of 2012 as payments to herself.
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03-15-2013, 09:43 AM | #96 | |
Quit your bullshit
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03-15-2013, 10:22 AM | #97 |
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We are subtracting their half of the remaining lease payments (3months) from their payout.
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03-15-2013, 01:48 PM | #98 | |
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I dont' remember how it's organized, but if there were filings with the state (for a corp or LLC) then be sure to make any necessary filings to update the fact that she is no longer an officer/partner/owner of the company.
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