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I am a CPA, and as much as it pains me to be talking about taxes on my only day off, here's a brief rundown.
You are basically right in your assertions, except that it's a 1065 and not a 1056. No payroll is needed - just withdraw the cash when you need it (keep track of it of course). As others have commented, you will want to see a CPA to get you set up and give you more formal advice.
Also, get a proper LLC agreement set up - which means seeing an attorney. It might cost anywhere from $500-$1500 at a wild guess, but it will be worth it in the long run. I can't tell you how many stories I've heard of people going into partnerships with friends and leaving everything all loosey goosey and then something goes wrong and it all turns very ugly.
Good luck in your new venture!
Posts in this Thread:
- Payroll/Taxation question, Dave, Sat, 28 Mar 2009 18:26:56
- Re: Payroll/Taxation question, Dean, Wed, 1 Apr 2009 08:28:51
- Re: Payroll/Taxation question, Herb Hirsch
, Sun, 29 Mar 2009 08:24:28 - Repayment of loan from owners, Bill Homer
, Sun, 29 Mar 2009 07:22:53 - Re: Payroll/Taxation question, Rod
, Sun, 29 Mar 2009 06:56:47 <-- Viewing This Message - Get Thee to An Accountant, Ari
, Sat, 28 Mar 2009 19:24:19 - You have it right..., turrbo
, Sat, 28 Mar 2009 19:17:49
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