All Forum Posts by: Yi Chu

Thank you @Sean O'Keefe and @Michael Plaks. 

The LLC was under my wife's name only. She will file the annual report with NC.

We set up an LLC in Q4 2023, so there was no business activity last year. How should I file federal and state (North Carolina) tax return?

We set up an LLC in Q4 2023, so there was no business activity last year. How should I file federal and state (North Carolina) tax return?

Let me clarify my second question: currently my LLC has one owner. If I add another owner to the LLC (two owners with 50% ownership for each owner), how can I inform IRS and Secretary of State?

Thanks Juan.

Let me clarify my second question: currently my LLC has one owner. If I add another owner to the LLC (two owners with 50% ownership for each owner), how can I inform IRS and Secretary of State?

Thanks Juan.

Let me clarify my second question: currently my LLC has one owner. If I add another owner to the LLC (two owners with 50% ownership for each owner), how can I inform IRS and Secretary of State?

Can someone help me with the following two questions?

1) If you set up an LLC (with an EIN from IRS and approval from state) but it turns out you don't have any business during the year, how do you report that for your federal and state tax return in the following year?

2) How do you change ownership of you LLC for at both federal (IRS) and state levels?

Thank you!

Can someone help me with the following two questions? 

1) If you set up an LLC (with an EIN from IRS and approval from state) but it turns out you don't have any business during the year, how do you report that for your federal and state tax return in the following year?

2) How do you change ownership of you LLC for at both federal (IRS) and state levels?

Thank you!

Can you recommend the book you like the most regarding tax strategy for real estate investor? 

When you open a business checking account, you have to transfer a certain amount of money to the business account to avoid monthly fee. Let's say $500. This comes from your personal account, not from business operations. How do you do the accounting (in the financial statement and cash flow) for this type of fund from tax perspective? 

If there is an issue with roof and/or plumbing underground, whose responsibility is it to get them fixed? Home owner or HOA?