I've just formed an LLC as follows:Members : 6Taxation Treatment : PartnershipPurpose : An investment group holding a portfolio of stock in a company that has not gone public (yet).Cost : $1700An accountant told us that we were required to file a form 1065 with the IRS and distribute K-1s, regardless of wether we had a profit or loss.The way I read the IRS info is that an LLC (partnership) is not required to file form 1065 and distribute K-1s unless they have income, or a loss they WANT to claim (ie. we could forget the startup cost and not be required to file).Which is correct?The same accountant also told me that the $1700 startup cost (paid by me) had to be distributed evenly to all members in the LLC and amortized over a 60 month period.Is that true, or can the $1700 be added to my basis in the partnership, without spreading it over 5 years?
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Market data provided by Interactive Data.
Company fundamental data provided by Morningstar. Earnings Estimates, Analyst Ra