Looking for some insights into tax implication (if at all) of transferring a property from one LLC to another. Some more details:-Old LLC owns a bunch of properties, has one shareholder. -New LLC owns nothing yet, and...

My partner and I have an S-corp where we are the only employees and have a 60/40 ownership percentage split. I recall being told at some point by an accountant that our salaries needed to match this percentage. For ex...

Hey guys, I have a question about an apartment complex my parents are thinking about selling. This apartment complex was gifted by my grandfather to his 5 children, who are now equal shareholders. He built the apart...

ENTITY INSANITYTHE REAL DIFFERENCES BETWEEN LLC’S & S-CORPORATIONSSo you’ve decided it’s time to start a business, Congratulations! You’ve know realized/learned that conducting business without the blessing of li...

•1326 Huron Street, London Ontario (Pizza Hut Plaza)•8500 Square foot plaza purchased in 2009 for $1,750,000•Each shareholder invested $79,000•In the 9 years of ownership each shareholder was paid back the initial inv...

I'm thinking about purchasing my first rental property to diversify my assets. I'm wondering if starting a C corporation, where I am the sole shareholder, makes sense. I know some downsides: double taxation as the cor...

I understand as a shareholder of an S-Corp you are supposed to pay yourself a reasonable salary for work performed on behalf of the business. You cannot pay distributions until you first pay yourself a salary.

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I have 2 rental properties. One is under A LLC and the other is under B LLC. Both LLCs have the same shareholders. My questions are:
1. When we sell both properties, can we do 1031 to buy one property under B LLC onl...

I am wondering if it's better to LOAN my LLC start up funds or CONTRIBUTE them. What is best tax-wise? I'm trying to do my own bookkeeping and taxes (stupid, I know, but I'm a hands-on person). 2018 was our first year...

Hi Everyone! It's been a while :) I appreciate any help/responses in advance. I know this is definitely a question to be checked with lawyers/accountants, but it helps to know more before reaching out to them.A busine...