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 ReadingToday’s lesson: you can’t just “walk away” from a business partnership. Another submission from the Department of Horror Stories. “Marcia” started a corporation about 15 years ago. She and her former partner, “Dara,” personally guaranteed…
Read MoreWhen a shareholder in a multiple-owner company decides to withdraw from a corporation, her shares need to be transferred. But to whom? And how? It depends on how the shareholder’s agreement is worded. Two scenarios…
Read MoreListen to the Episode Below: Getting a steady stream of prospects to know, like, and trust you can be a challenge. There’s accuracy—does your messaging speak your clients’ language? There’s consistency—are you perceived as having…
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