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What company financial reports does an LLC need?

What company financial reports does an LLC need?

By Nina Kaufman, Esq.

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…

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Nina Kaufman

Flying solo doesn’t have to mean going it alone.

I’m Nina Kaufman.

I know first-hand that running a knowledge-based service business has unique challenges. It’s so much easier when you have an advocate in your corner. Over the past 25 years, I’ve worked with thousands of New York business professionals who want a legal advisor to guide and support them as they navigate the business world.

With wide-ranging experience as a business attorney, strategist, and media authority, I bring the added power of a business lens to the legal issues my clients are facing.

And because I’ve been a business owner myself, I’ve lived through the soaring highs and devastating lows – like when my first law firm failed. So I understand what’s involved to serve great clients, detect business risks early and build a true legacy.

I can’t get those 12 years back. That’s why I have made it my mission to ensure that business professionals like you can become wise and discerning leaders, build a solid business, and live your best life.