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12 January 2018 | 1 reply
The operating agreement would outline who is responsible for what and how the ownership is distributed.
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14 January 2018 | 11 replies
I don't know anything about Fortune Builders, but my take on "gurus" is this: for the most part, most everything they tell you is true or at least can be true (blatant lying could cause legal issues), most of the value is in the culling of information that's already available somewhere else for free or for cost, most of the high cost is because people tend not to value low-cost propositions, and most of the techniques/procedures are oversimplified, such that beginners quickly become discouraged and drop out or move on to something else.
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14 January 2018 | 2 replies
I ran my own rental business for 7 years before consulting a CPA firm (KeystoneCPA, @Amanda Han), and they were a lot of help not in teaching me how to run the business, but how I could optimize things and take advantage of some techniques to save a lot in taxes.
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14 February 2018 | 7 replies
However, these funds will be distributed through draws.
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29 January 2018 | 2 replies
Distributions of cash by a partnership to a partner will be reported on a K-1 and not a 1099.The partnership is responsible for providing a K-1 to each partner which reports to each partner his/her share of partnership income during the year.Example - a partnership calculated ($1,000) of rental loss in 2017.There are 2 partners with a 75% ownership and 25% ownership.The partnership will provide a K-1 listing ($750) to partner 1 and ($250) to partner 2.You may want to reach out to your accountant to look into filing the partnership return on your behalf.
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18 January 2018 | 21 replies
The ones that stay are people with stable jobs in hospitals, manufacturing, and jobs like ups/ fedex distributers.
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20 January 2018 | 5 replies
Joe is overwhelmed with the number of attendees at this event and after everything was said and done, Joe walks away with multiple highly competitive offers on the property.However, with every marketing technique, there are its drawbacks.
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19 January 2018 | 5 replies
I'm going to avoid changing the operating agreement though as the distribution would be the same and it would make the taxes a mess.Thanks for the advice everyone, I'm going to find another set of local lenders and try again.
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19 January 2018 | 4 replies
In effect, the distributions would act like interest on a loan.
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22 January 2018 | 5 replies
Checkout 72t distributions especially SEPP ( substantially equal periodic payments) and see if that is an option for you.