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15
votes
3answers
14k views

What to ask for on a business partnership?

I am being asked to provide technical expertise on a technology entrepreneurship. They are offering me equity of the business, in exchange of my work/commitment. I know they will require a capital ...
8
votes
2answers
113 views

Should I use EIN for business once it changes structure from Partnership to Sole Propietorship?

There were two partners in general partnership (50:50 share). One partner left and I took over all his share. Effectively business structure changed from General Partnership to Sole Proprietorship. ...
7
votes
1answer
186 views

If I helped my friend to file taxes; can I represent her on a phone call with FTB?

I helped my friend to amend taxes. However, Franchise Tax Board is still not satisfied - they expect that on form 565 box 24 we should pay $800 annual fee for her General Partnership. General ...
3
votes
0answers
58 views

Back in 2011 instead of form 565 filed 568 by mistake. How to fix this?

In 2010 we correctly filed form 565, because we were general partnership. However, in 2011 we filed by mistake form 568 (the LLC form). Starting from 2012 we have correctly filed as sole ...
2
votes
1answer
45 views

Forgot to issue 1099-MISC form. Will FTB (or IRS) take away my business tax deductions?

I recently found out that as a business owner I had to issue form 1099-MISC to independent contractors, like, plumber who once fixed sink in our salon. Also, apparently I had to issue 1099-MISC ...
2
votes
1answer
30 views

When filing a US 1065 as a General Partnership, do we combine our expenditures for a home office?

I am in a General Partnership with 1 other person. We both work out of our respective homes. When filing expenses on a 1065, do we line item each of our home office expenses? For example, if I use my ...
2
votes
1answer
647 views

Does California tax personal K-1 income from an out-of-state partnership?

As a resident of California, if I get a K-1 from Connecticut, do I have to pay income taxes on this income for my California return? Using Turbo Tax, the answer seems to be no, since there was no ...
2
votes
1answer
43 views

When a business entity moves out of a state, is it the final return?

For a general partnership that files US Tax form 1065, there is a check box for Final Return which is not checked due to the partnership continuing on to the next year. However, the California state ...
1
vote
1answer
104 views

What options exists for a group of people to collect money in a secure way?

I am part of a group of people with a common goal in mind. We are not organized in any type of association. However, we have a need to hire a lawyer to represent our interests as a group and time is ...
1
vote
1answer
33 views

What is the filing address for partnership that changed its address?

I have a general partnership (Form 1065) that moved effective end of 12/31/11 so the 2011 tax year ended in the old state and 2012 will be in a new state. I presume I should use the new address for ...
0
votes
1answer
61 views

How FTB and IRS find mistakes in amended tax returns? Are their processes reliable?

I helped my friend to fix her 2011 Tax Return. She initially incorrectly filed form 568 (LLC) for her business that was actually operating under General Partnership structure. After FTB received the ...
0
votes
1answer
42 views

General Partnership, 1065 an K1

I've just formed a general partnership in the US and I'm completely unclear about the tax requirements. Do we file only once a year, or are we required to file quarterly? When am I required to fill ...