q and a 2016


using the Small Business Tax election;


Organizer Meeting; be wary of letters asking for money; holding annual meetings; documenting business meetings; how to deduct expenses; tracking apps; financial / tax planning;


New Hampshire Change of address; sole/single member LLC; what is an appropriate title for LLC transactions; annual meeting and business plan;


Legal considerations; financial considerations;


IRA Investing considerations; cascading ownership to allow expenses to be rolled up; using foreign registration to close on out-of-state investments; Minute Book Schedule A; when should you select “S” tax status; when do IRAs pay taxes; completing your Minute Book;


Paperwork for small companies; does contribution have be financial; doing business in another state; Loans vs Expenses vs Capital Expense; getting started;


Changing Registered Agent; Tax filing extensions; Effectively using S LLC / S Corporation; Single member company; foreign registration; payroll services;


Documenting business expenses; borrowing against assets; refinancing with an LLC; California rules; using a trust; expenses; California fees;


Minute Book walk-through; Travel and Business receipts; how many LLCs do you need?; rental property risks; insurance; waiver of notice and written consent of action; CA tax forms; employees; re-using an LLC for another business purpose;


Banking; out-of-state LLC; foreign registration; check-book IRA LLC; property auctions; roll over 401(k) / IRA; minute book walk-through; Nevada Tax docs; how often should meetings be held; property transfer; multi state foreign registration;


Finding accountants; finding REIAs; contributions and skills and distribution of profits; communications among partners; promissory notes; HSA / FSA medical re-imbursements; financial year; initial meeting; self-authorizing; IRS Real Estate Professional definitions;


Data Sheet details; what are members and managers; licensing; issuing certificates; when to hold meetings; transferring title; Small Business Election or Corporate Tax Election; what are Units;


NY LLC tax documents, CA foreign registration; Dates of meetings; Transferring ownership to a Living Trust;


Selecting the ‘right’ bank; selecting a title / escrow company; finding realtors for wholesale deals; using trading LLC; investing out-of-country; California forms;


Changes in IRS approach to Self Directed IRAs; Minute Book and specific instructions to title company; applying the Small Business tax treatment to an LLC;  using LLC for rentals; SD IRA LLCs; foreign registration; balancing equity vs. paperwork; “safe” states;


Using a California LLC in Michigan; foreign registration; home office deduction; series LLC; number of properties per LLC; Small Business paperwork; Series LLC states; terminating partnership; documenting decisions; asset protection and charging order protection; home office security systems; company approval for managers; written consent and waiver of notice for business decisions; trust payments;


What happens if a company moves to another state; Close the original company and form new company in new state; open business bank account – don’t need a dba; quarterly tax filings; add uncle as a 0% member to lower interest; some minute book templates; no organizing resolutions needed; electronic copies vs. paper copies; how to find an accountant; how to find bank; combining companies to arrive at Small Business Tax Election sooner; extracting profits from rental income companies; repayment of a loan; how many properties in 1 LLC;


Transferring title of ownership; removing member; S or C election; transactions and completing the minute book; choosing a bank; closing an LLC; using a CA LLC in AZ; combining multiple streams of income; out-of-state companies; IRA investing; QRP; capital contribution;


New California LLC, Statement of Information, Franchise Tax Board, paying LLC expenses, why does only one name appear on state information, difference between Managers and Members, choosing a bank, paying yourself, state licenses, out of state banking, using a Living Trust;