August 21, 2019
Q.: What kind of financial reports are minimally required of an LLC, and how often should they be made available to the partners? A.: Minimally, LLCs are required to file annual tax returns for their company financial reports and the members (owners) of an LLC would receive a copy of Form K-1, which is an information return that needs to be filed. However, other provisions of your operating agreement may provide for more frequent disclosure of company financial reports. For example, your operating agreement may provide for (at least) quarterly distributions to the members in amounts that enable them to pay the estimated taxes on the income they will receive from the LLC. When it comes to P&Ls and balance sheets, some company owners want to track their financial metrics as frequently as monthly. Also, members of an LLC are generally entitled to review the books and records of the company, including company financial reports, during business hours upon reasonable notice. You want the members to feel that they have enough information to satisfy…
Continue ReadingWhy won’t just any ol’ attorney do? This is the situation: Unlike many other careers/vocations, attorneys have to be specifically licensed to practice law. Licenses are granted by a particular state. That means that we…
Read MoreFrom the other side of the globe, I came across an interesting post on “Mixing Business with Friendship,” which adds a slightly different nuance to our earlier friends and family post. It agrees that “[n]o…
Read MoreOK, so smack-down is more appropriately a World Wrestling Entertainment (formerly known as WWF) term . . . but I was intrigued to learn from mma-zone.com that Spike TV, a division of MTV Networks, and…
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