q-and-a-2017

2017 Q&A Calls Below

BitCoin investing; using a UPS address with a bank; re-starting business activities; capital contribution vs. loans; land trust vs. LLC; educational business expenses; I have a LLC in California. The Service of Process is Individual. The management is “More than One Manager.” The company runs by my wife and I. We create two membership certificates with eahc one of us having 1 unit (50% each). AM I doing it correctly?; I just set up my Real Estate LLC (buy and hold) back in September. I’m the only owner/manager/secretary/etc. How much capital should I contribute to show that it’s meaninful? I was thinking about $5k. I would need probably $15k for a downpayment [FHA].. What would be reasonable?; getting ready to launch my e-ccommerce site in Nov. What type of Business Insurance do I need to purchase?; Starting a E-Commerce site, might have out of states sales reps via affiliate marketing. Do I need to register my LLC in those states?; We started our LLLP up with you Gary 2 years ago for Texas we would like to close it down (we are from Canada) we were told there are 3 steps to doing this…do we need to go through you guys or can we do it separately…which is more economical?

How do we find out if we’re exempt from state sales tax?; Small Business Tax treatment; multi-member LLC signing with one member for purchase of property; where are the recordings; waiver of notice, written consent; use LLC for multiple property flips; multiple rental properties; California registration rules; removing partners from LLCs

S election; manager vs. members; meetings; withholding taxes; employees or not; paying yourself; repayment of loans; property transfer taxes; how often are the Q&A sessions held; trust ownership of LLC

waiver of notice; assignment of contract; I recently got my license, and am associated with an agency, with my LLC. Should I have them pay the commissions to my LLC, or to me in my own name?; using LLC in another state, RA functions, number of LLC units; insurance; online businesses and insurance; patents & trademarks; CA home based office insurance; banking compliance; capital contribution; sub chapter S election; series LLCs;

Completing your minute book, operating agreement; Accounting for expenses, capital contributions, loans; Using an S LLC or an S Corporation; Internet based business and taxes; Rental LLCs; Selling LLC that holds the properties; limiting partner access to bank account; buy/sell agreement

Capital contribution; selling the LLC with a property inside it; company naming issues; is 50:50 a good allocation; operating act for state of Connecticut; annual fees; Just to refresh: I have 2 corporations (1 for marketing and 1 for financial). When I am doing deals, do I make out the contracts to the financial corporation, or the marketing one? And what’s the main purpose for the marketing corporation (i.e., why again not just have ONE corporation)?; Capital contributions: can’t I just add $ to the corporation without issuing more shares? What is the best way to do that, i.e. what procedures should I follow? Is this a LOAN, or is it simply additional $ needed to run the business?; If partnership ends, and I resigned as operation manager… but still listed as operating manager and registered agent and the llc is still active. however, it is unlikely that CA business taxes were paid for 2016 and 2017… what can I do? should do?; So, if I already have a corporation with NO bank account, do I still need to file tax returns for the corporation if there is no financial activity?; On schedule A in my operating agreement for a Single Member LLC, What goes in the Name of Principal Entity line?; On schedule A in my operating agreement for a Single Member LLC, What goes in the Name of Principal Entity line?; What business items are tax deductible?

Removing a member; Annual reports; Capital Contribution; Loans; using LLCs vs LPs; Credit score;

SoS filing timelines / FTB timelines; ROTH IRA / self-directed investments; selling shares in an S Corp; liability protection strategies; transferring title into an LLC; umbrella insurance policies;

Because I forgot to press the record button, tonight’s recording is courtesy of one of our listeners.

Ordinary and Neccessary Expenses; payroll services, state forms; spouses in an LLC – capital contribution division; under captialization; fair market value of assets being transferred; Home Office; adjusting ownership percentages; using cars and business mileage; My question relates to my earlier email: my LLC is registered in the state of OK, but I received a link from you with the corporation documents that steered me to the state Business Registration packet & forms. SO: 1) do I need to complete the form, and 2) if I pay salaries ia the LLC, do I need to complete the form?; Is there a way to access a list of business deductions for your industry from the IRS?; I have to attend meetings and seminars & purchased a couple of suits, why it was not deduction?; What is this about the “Registered Agent” mentioned in your email?; Possible example of where a suit could be deducted – Meeting specifies Suit and Tie for admittance to meeting.; A husband and wife team in a multi member LLC. In terms of membership certificates, we both get membrship certificates as owners?; In terms of units of ownership, how is this measured and related to capital contribution?; So, in my case does the state of OK already know my Registered Agent address since the LLC is already registered there?; My wife didn’t contribute any $, but I issued her 40% of the units as an “Original Issue” certificate; Do you need to keep each and every receipt of your expenses for tax purposes? eg. bringing a customer to a coffee shop? or example above buying suits & ties; Is New York a community property state? New Jersey? Oklahoma?; If I have a home office and rent the home. Is there a tax deduction from the rent paid; I keep an Excel spreadsheet to log miles. I assume that this is “documented” mileage, if I am not just guestimating from total mileage, correct?; when does a business considered a non performing business, it has not made profit since inception, at least 9 months, when do I say I need to stop and close business; I use my son’s car for biz trips (I don’t have a car) how do I handle receipts for tax purposes in this case?

Using a Realtor’s license; Real estate transaction with 2 LLCs: would I BUY the property in one LLC, and then TRANSFER it to the other LLC using an Assignment contract? What benefit is this to me? ; what’s a tax year? single member returns; partnership K-1; tranfer from one LLC to another; loans and interest; is there a minimum interest? or can you do 0% for capital contributions you are making into your LLC?; Is it possible to learn of potential bidders in advance of a foreclosure auction? A foreclosure auction on courthouse steps? ; tax liens and sheriff’s auctions; What type of liability insurance would your recommend for a real estate LLC?; Do you have a standard form / disclosure that you use when you do a real estate transaction for a fee (vs. commission) per disclosure requirements?; Is an LLC in IRA considered ordinary or is it frowned upon? ; deduction for education expenses; when should a property be placed in an LLC;

IA employee requirements; what is Paracorp; is a Real Estate license worth it; rental in TX; Due on sale; foreign registration; Are the 2016 Seals still good or should we get 2017 seals? When do we use the seals?; Can we change the status of how our LLC is taxed? Should the LLC be taxed as an S-LLC because it is for flipping properties, not rental; What is the purpose of the Zero (0) certificate?; Our LLC is in IL. IL shows the names of owners without much work. If we had registered there and then done a registration as a foreign entity here would we be more private?; Should the Membership Forms be filled out with our names?
Should the Waiver of Notice of First Meeting form be completed? Should the Membership Listing be filled out with our names?
First meeting (Attest Names), what should be there? Written Consent of Action Date. What should that date be?; can the LLC be set up to pay personal taxes for the members? What actions require a resolution?; finding templates; If the members of the LLC attend a training meeting for the real estate activity should we somehow record that the members will go to the meeting. Adding new partners; How much money can be spent? the $5,000 limit is under 6.3 Limitation and Powers of Manager, (b) (vii).; I’m registered in NY, but I would like to do business in FL. What should I do? Foreign Registration; In paying down some of the “training” that we’ve been attending do we just apply the payments from our personal account or is there something special we have to do to pay it back?; Tax liens;

Q&A Call April 3rd, 2017 from Gary Bauer on Vimeo.

filing tax extensions; completing book; issuing certificates; waiver of notice and written consent; NJ filing issues and the EIN; investing out-of-state; using LLC for wholesales / flips in multiple states; how many times can modules be reviewed; are profits distributed according to contributions; deductions and taxable income; can education be deducted; Member A owns a property and does a quit claim to a multi-member llc, should all of the members receive a deduction for the real estate taxes paid, or will they only be able to get a deduction for the company profit/expenses?; what IRS forms are needed for partnership LLC; California FTB $800 form 3522;

Q&A March 27, 2017 from Gary Bauer on Vimeo.

non-profits; multiple LLCs and Allocating expenses; asset protection; land trusts; revocable trusts; liability protection; multiple LLCs for layers of protection; Series LLC; EIN, TIN, SSN; S LLC or S Corporations; rentals, insurance;

Q&A Call 20170313 from Gary Bauer on Vimeo.

using your trust as a sole member of LLC; land trusts; land patents; what are deductible business expenses; tracking tax liens; foreign registration for business in other states; changing ownership; should a rental property be considered capital contribution; annual renewal fees; paying yourself with an owner’s draw; Articles of Organization / Certificate of Organization; I have since set up another website for profit and a couple of small service business. How do I have them be under the auspices of the original company registered with the state? Do I have to let the state know? are they subsidiaries? distributions; accounting recommendations; corporate record book; using Corp + LP to buy properties; Professional Real Estate status; transferring title – Quit Claim / Warranty Deed; do you have to file tax returns if you haven’t made a profit?; how to close companies; using a trust to avoid probate taxes; valuing shares;

Q&A Call 20170228 from Gary Bauer on Vimeo.

Taxes; operating expenses; family living trust as sole member; using foreign registration; educational expenses; transferring property into an LLC; IRA LLCs; hard money lending; opening business bank account; capital contribution; using personal funds for biz expenses; loan repayment; bookkeeping; assignments;

Q&A Call 20170206 from Gary Bauer on Vimeo.

California LLC-12 / FTB 3522; IRA LLC should be registered in NY as well as GA; 1065 for partnership LLCs; loan to LLC to purchase property. paying yourself out of profits; Home office expenses; Title officer documents for sale of property; meetings to document purchase of property; notarize banking docs; tracking company expenses / payments; sample meeting documents; add member to existing LLC; foreign registration of IRA LLC; Indiana Bi-Annual reports; IRA cannot use an existing LLC; income / expenses between partners; property investments in Japan; assignment of units in LLC.

Q&A Call 20170130 from Gary Bauer on Vimeo.

how to determine your tax treatment; California FTB 3522 forms; Florida annual renewals; Limited Partnership agreement walk-through; Banking for Canadians in the US; Annual fees and reports; New York State publication requirements; SoloK loans to other entites; Corporate credit for Canadians; deductible employee insurance plans; signing to strengthen the corporate veil.

Partnership LLCs disregarded for Tax purposes, husband and wife / Community Property / filing jointly; using Zoom.us for video calls; using S election for income.

planning annual meeting;