2018 Q & A Archive
December 3, 2018
- IRA investing
- Contribution vs loans.
- I have one LLC in California, but have a tax lien in Ohio and will have others in Ohio and Florida. I have set up LLCs now in Ohio and Florida which I have not funded yet. Should I move everything into the states LLCs that I am in once the current one out of California pays off?
- What if you already have people renting before you started an LLC
- Do you have to register your LLC in states that you are wholesaling in?
- If we make 10k on our first deal, how do we pay a 2 party partnership that has debt?
- Separate bank accounts for out-of-state properties, protection and profits to my LLC.
- I know that if I live in California I have to pay California taxes regardless of where the property is, but as long as I pay california taxes can the Ohio or Florida LLC not be registered in California?
- Timing when Moving from California and "moving companies to a new state". Thanks for the help you gave to send in my yearly LLC fee to the state. I paid the amount to the state and it's done. My husband's LLC hasn't been changed over to him so his lawyer charges a hefty fee to put that letter in the mail with a postage stamp to get it across town to him. You saved me a lot of money!
November 12, 2018
We invest in distressed real estate and some of our investment properties are already located in “opportunity zones”. What can/should we do to be able to use opportunity zone tax benefits? (all holding companies are registered as LLCs, taxed as partnerships)
We’re planning to move from CA to NV in the future, and bring our LLCs and Family trust with us. What documents have to be re-written, re-registered, etc?
One of LLCs was created in CA, owned by Trust, has no assets in CA, all projects are all over the states. Is a dissolution must, or any way to “move” it? It has a good history.
If you have Facebook, there’s a good facebook group I’m a part of called “Get Business Credit”. Also, the podcasts “The Business Credit & Financing Show” is really informative.
We are registered and have legal agents in all states we own REO in, but do we have to register as foreign LLC with the States we own mortgage notes in?
https://www.creditsuite.com/ is another Good resource for Business Credit building – lots of free info.
May 14, 2018
- Using LLC for real estate - can it be used for Air BnB rentals?
- Allocating expenses
- Trusts – estate planning
- Tax reform and S LLC/Corp
- IRA investing
- Business meals
April 23, 2018
- Capital Contribution vs Loans
- Completing minute book
- Tracking finances; Removing a member (NJ is different – use form L102)
- Florida annual report
- Transferring assets between companies
- Keeping a MD company in good standing
- Licenses for tax liens and property resale
- Transferring contact information with registered agent
- CA annual fees
- Insurance for multiple entities
April 16, 2018
- Paying yourself – 1099 / or not
- PayPal transfers
- Loans from family
- Capital contribution
- Interview CPAs
- Certificate of secretary
- Canadian investors
- Foreign registration into Georgia
- When do you file for out-of-state investments
- Iowa Biennial reports
- Texas renewal costs
- Transfer properties into an LLC
- Recipe for scones below
- 3 cups white whole wheat flour (I like Bob’s Red Mill but you can substitute any all-purpose flour)
- 1/3 cup sugar
- 2 ½ tsp baking powder
- ½ tsp baking soda
- ¾ tsp salt (I like kosher salt)
- 1 ½ sticks cold unsalted butter, cut into small pieces. Keep in the refrigerator until needed.
- 1 cup buttermilk. Keep in the refrigerator until needed.
- 1 tablespoon grated orange or lemon zest (or sometimes I use candied lemon peel if it is homemade but it needs to be put into the food processor at the same time as the butter)
- Handful of dried cranberries or raisins
Heat the oven to 425 degrees F. I make the dough in a food processor. Julia Child would be rolling in her grave, but I find it works better and faster than doing this by hand. The key is to keep the butter and buttermilk cold.
Put the flour, baking powder, baking soda and salt into the food processor and turn on for 30 – 60 seconds to get some air into the mixture.
Add the butter and pulse until the butter pieces are a bit larger than peas. Add the dried fruit and pulse 2 or 3 times more. Pulse the food processor while adding the buttermilk.
Keep pulsing until a dough starts to form, then stop and turn the dough out onto a floured counter. The dough should be soft but not sticky, and look rough, not satiny.
If you find it is too dry, leave in the food processor and pulse in buttermilk a tablespoon at a time. Be careful, it is easy to put in too much.
Gather the dough into a ball and knead 10 times, making a quarter turn between kneads. Gather into a ball and divide in half.
Pat each half into a circle about 7 inches in diameter. Brush the dough with melted butter and sprinkle on sugar. Cut the circles into 6 triangles each.
Place the triangles on an ungreased baking sheet. Bake 10-12 minutes. Scones will be lightly brown and have a bit of give when you press on them. After the scones are cool, you can split them in half, grill them under the broiler until brown, and butter the toasted halves.
March 26, 2018
- Registering for TX franchise board
- Tax liens; consider exit strategy
- NAICS and SIC codes
- Meeting of organizers
- Adding MLM
- Direct Sales to existing LLC
- Using a C Corp to manage income
- Completing the minute book
- Reducing the number of members
- Adding units of ownership
- Opening bank account
- Tax matters member
- What to file if the company made no income
- When are taxes due for a company started this year?
March 12, 2018
- We started our business last year (2017), I would like to know if we can deduct all the business start up expenses this year; would also like to know, if our business did not make any money last year, how do we file taxes? or do we at all?
- Are there any specific forms for business minutes or can it be in list form as a list of actions or information happening at specific days?
- I’m trying to file taxes first time since I started my LLC.
- Where is the operating agreement or written articles of incorporation, anything stating percentage or ownership? Is that in my minute book? I’m not sure where it is
- If I use personal checking account or credit card for business work, can I write a business account check to pay for those expenses and pay myself back?
- What paper work should I keep?
- In the minutes of the first meeting, do we put a seal on the last page? Also, should we make a copy to use for other annual meetings?
- Filing tax returns for 2017 / 2018 / 2019
- CA partnership filing partnership; determining capital contribution
- SBA programs
- When to hold an initial meeting
- Opening a bank account
- Using LLC for rentals
- Annual meeting minutes
- Using the IRS confirmation letter
- Closing business / foreign registration
- Updating addresses
Jan 8, 2018
- Co-mingling funds
- Multi-state companies (California, New York, Florida)
- Selling shares vs. loans
- Rental properties and capital contribution
- 1031 exchange
- IRA investing
- California Spousal Consent
- Delaware privacy