Welcome to another edition of Tuesday's tidbits, where we make Tax and Accounting simple. I'm Charles D Shapero, CPA, with Widget Bookkeeping and Tax. And today, we're going to talk about the LLC. What is the LLC? Would you believe, when it was first invented by the states, the IRS didn't know what to do with the LLC? Is it a corporation? It has limited liability. Is it a partnership? We don't know. Instead of writing a whole new code section or segment about the LLC, the IRS threw up their hands and said, "You know what? We're going to allow the LLC to be whatever it wants to be." So, by default, every LLC that has more than one member - husband and wife or multiple partners - is considered a partnership for federal tax law. It will file a partnership tax return. If you have a single member that owns the ASC, you can't really be partners with yourself. So that's where the beauty in the LLC lies. The single-member LLC is completely ignored for federal tax purposes. So you have an entity that you can have a bank account with, that you can have limited liability protection from anybody who's trying to sue you, but you don't have to file a separate tax return. So it saves you on accounting fees. The LLC's activity would go directly on your personal return, depending on that activity. Schedule E, but it's a great way to get your liability protection and not have to pay for an extra tax return. But it goes even further. The LLC can also say, "We understand that we're a default partnership, but we don't want to be a partnership. We want to be a subchapter S corporation." The LLC can file form 2553 with the IRS and...
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Michigan contractor lien Form: What You Should Know
THE MAILING OF THIS FORM, THE INDIVIDUAL MAILING OF THIS FORM MUST BE RECEDED TO THE STATE LAW ENFORCEMENT BOARD. 2. MIGHT I ALSO BE REQUIRED TO FILE THIS WITH THE ATTORNEY GENERAL'S ADDRESS IN THE MATTER OF Filing, WITH THE STATE OF MICHIGAN? IN YESTERDAY'S LUCK, THE LAW ENFORCEMENT BOARD HAS FOUND THAT YOU DID NOT FILL OUT THIS FORM WRONGFULLY. YOU HAVE RE-FILLED OUT THIS FORM EXACTLY AS WRITTEN. IF YOU PLAN ON MAILING THIS TO ANYONE IN THE STATE OF MICHIGAN YOU NEED TO TAKE Some PICTURES FROM THE PREVIOUS MENTION, AND EACH TO THIS FORM, THAT WE'VE ALSO FOUND TO BE VERY IMPORTANT. THIS IS THE BEST WAY TO HAVE IT FILLED OUT QUICKLY, OR THE WRONG IDEA WOULD BE TO LIE ON THE FORM. THE WRONG IDEA WILL FILL OUT THE FORM AS WRITTEN, AND AS SOON AS THEY NOTICE IT, THE STATE LAW ENFORCEMENT BOARD WILL ASSERT YOU IN YOUR LIE CASE. THERE ARE NO EXCUSES. IF YOU CAN'T GET A WARRANT FROM THEM, THE LAW ENFORCEMENT BOARD WILL ASSERT YOU. MAKE SURE YOU MAKE SURE YOU HAVE A COPY OF ALL OF YOUR DOCUMENTS HERE IN THE US, AND EITHER YOUR ATTORNEY OR THE STATE'S ATTORNEY WILL BE PUTTING THE DOCUMENTS ONLINE. 3. I HAVE MADE A REASONABLE ATTEMPT TO FIND OUT THE NAME AND ADDRESS OF THE PERSON WHO WAS MAKING THE PAYMENT OR THE PERSON WHO HAS BEEN PAYING ME. IF THE PERSON WHO PAYED ME IS NOT RESPONSIBLE FOR All the PAYMENT INFORMATION, PLEASE SEND THEM THE CORRECT EMAIL ADDRESS, AND I WILL FILL OUT THIS FORM. INCLUDE THE PAYMENT MONEY, THE NAME YOU ADDRESSED YOURSELF TO AND ALL PICTURES OF THE WORK THAT YOU HAVE. WHAT DOES IT ALL MEAN? 4. I AM NOT RESPONSIBLE FOR THE FACT THAT MY PAYMENT WAS NOT COMPLETE.
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