I started a business in 2020 as an S corp, with me as the only owner. A friend has been helping the past year and a half and we are trying to determine options for joint ownership. This video is helpful! Any other recommendations or tips would be greatly appreciated
🎯 Key Takeaways for quick navigation: 00:06 🤝 Start your partnership with a quality joint venture agreement to avoid personal liability and formalize the agreement. 01:05 💼 Consider using a Limited Liability Company (LLC) for partnerships, especially for holding assets like real estate. Ensure a well-drafted operating agreement. 03:04 🏢 For operational partnerships, use an LLC and potentially involve an S Corporation to optimize tax planning and reduce self-employment tax. Made with HARPA AI
I thought that a partnership could not own an scorp under IRC. How does the LLC with an operating agreement with more than 1 person establish an scorp that it owns? With or without an operating agreement, the the LLC is a partnership for tax purposes. Ownership of an scorp would terminate the scorp status.
How can a general partnership be setup such that one partner (of two) retains their annual qualification for medicaid as the general partnership earns a profit on interest on private money loans throughout the year?
Hi, I want to open an offshore LLC as a NON-US resident, in partnership with my girlfriend who's a US resident. I know how to do it through incfile, but I'm not sure how it's gonna work when it comes to taxes. If I do a single member LLC I'm gonna pay 0% taxes, but I would like to know more about this case. Thank you :)
@@MarkJKohler Hi Mark love the content. Would you mind sharing or making a video on how taxes would work on a profitable joint venture project between 2 independent business?
What’s the best way to setup LLC for an athlete (equestrian) rider who is earning some but expenses are still very high and she is under 18 yrs old? And there is the occasional purchasing and selling of horses.
Hey Steven! Thanks for this great question!! It would be hard to give you the best answer in a short comment. I would suggest that you strategize with one of my attorneys. You can call my scheduling assistant Emily at (888) 801-0010 ext. 2065, when you're ready!
Pablo, great question! I have a team of CPA, attorneys and paralegals who would love to help you with entity setup, business structure, asset protection and tax strategies for your rental properties. Give my assistant a call 435-586-9366 ext 2024 if you would like to make an appointment. Thanks man!
Nate, jeeze, I'm sorry if I have offended you somehow. Please know that our team of 5 lawyers (we're not a huge firm, and we try to keep our prices low for small business owners), gets literally a phone call EVERY week from a partnership that's in a fight and a mess because they did everything on a handshake and/or in an email. We consistently knock out most partnership agreements for under $800....and then if they just do an LLC an Operating Agreement is tailored to their situation within our flat fee and at no extra charge. Please don't think all lawyers are crooks and we actually have some good things to add to a partnership relationship and agreement.
I apologize for the remark, I was joking and didn't mean to come off the wrong way. I can see that you do great work for your clients, and I really enjoy your tax planning strategies. I do have one question though: what is the purpose of having S-Corps as the owners in the operational partnership? I understand that you want reduce / avoid SE taxes, but why not just have one S-Corp with multiple shareholders? Perhaps there's more than 100 owners or a foreign owner . . .
Coming into this blind and I left feeling well informed. Subscribed
I started a business in 2020 as an S corp, with me as the only owner. A friend has been helping the past year and a half and we are trying to determine options for joint ownership. This video is helpful! Any other recommendations or tips would be greatly appreciated
🎯 Key Takeaways for quick navigation:
00:06 🤝 Start your partnership with a quality joint venture agreement to avoid personal liability and formalize the agreement.
01:05 💼 Consider using a Limited Liability Company (LLC) for partnerships, especially for holding assets like real estate. Ensure a well-drafted operating agreement.
03:04 🏢 For operational partnerships, use an LLC and potentially involve an S Corporation to optimize tax planning and reduce self-employment tax.
Made with HARPA AI
How is an llc for partnerships different than a limited liability partnership?
Do we need to file for a separate ein if we're going to be in a partnership?
So I plan to start an investment club with a couple friends.. should I start a general partnership or L.L.C ?
If we have separate LLC but opening a Car comopany together. Should we do only a JV agreement or Operating Agreement?
I thought that a partnership could not own an scorp under IRC. How does the LLC with an operating agreement with more than 1 person establish an scorp that it owns? With or without an operating agreement, the the LLC is a partnership for tax purposes. Ownership of an scorp would terminate the scorp status.
In a JV, could both entities be an LLC? So one owns the actual business and the other is for the marketing services or something?
How can a general partnership be setup such that one partner (of two) retains their annual qualification for medicaid as the general partnership earns a profit on interest on private money loans throughout the year?
I going to real-estate with a partner what structure would you suggest
Whats the average cost for having a business CPA
Hi, I want to open an offshore LLC as a NON-US resident, in partnership with my girlfriend who's a US resident. I know how to do it through incfile, but I'm not sure how it's gonna work when it comes to taxes. If I do a single member LLC I'm gonna pay 0% taxes, but I would like to know more about this case. Thank you :)
Great video
Thank you!
Hi! I'm starting a small business and want to register a DBA. I have a partner - so should I register the DBA as a joint venture?
Dana, yes you could file as a joint venture if each person wants to maintain their independence.
@@MarkJKohler Hi Mark love the content. Would you mind sharing or making a video on how taxes would work on a profitable joint venture project between 2 independent business?
Thanks. Very helpful.😁
Thanks so much for watching!
What’s the best way to setup LLC for an athlete (equestrian) rider who is earning some but expenses are still very high and she is under 18 yrs old? And there is the occasional purchasing and selling of horses.
Hey Steven! Thanks for this great question!! It would be hard to give you the best answer in a short comment. I would suggest that you strategize with one of my attorneys. You can call my scheduling assistant Emily at (888) 801-0010 ext. 2065, when you're ready!
If I have an Scorp can I add a partner later?
love your videos thanks for sharing the knowledge.
Wow my good man , I loved this video so much. May the Almighty bless you. By the way do you have Instagram ?
Thank you! Yes I do. You can follow me non Instagram: markohler
@@MarkJKohler do u have email please??
I LOVE THIS! Great Info!!!
Thank you so much for watching!
Mark, i have rental properties all brought under my name with my wife. How do i make this into a legit business?
Pablo, great question! I have a team of CPA, attorneys and paralegals who would love to help you with entity setup, business structure, asset protection and tax strategies for your rental properties. Give my assistant a call 435-586-9366 ext 2024 if you would like to make an appointment. Thanks man!
Great music and interesting info!
Do you have a video on Promissory Note vs Joint Venture for Real Estate?
th-cam.com/video/Um2qmzQuN54/w-d-xo.html
Yeah, make it as complex as possible so that you can charge your clients outrageous fees
Nate, jeeze, I'm sorry if I have offended you somehow. Please know that our team of 5 lawyers (we're not a huge firm, and we try to keep our prices low for small business owners), gets literally a phone call EVERY week from a partnership that's in a fight and a mess because they did everything on a handshake and/or in an email. We consistently knock out most partnership agreements for under $800....and then if they just do an LLC an Operating Agreement is tailored to their situation within our flat fee and at no extra charge. Please don't think all lawyers are crooks and we actually have some good things to add to a partnership relationship and agreement.
I apologize for the remark, I was joking and didn't mean to come off the wrong way. I can see that you do great work for your clients, and I really enjoy your tax planning strategies. I do have one question though: what is the purpose of having S-Corps as the owners in the operational partnership? I understand that you want reduce / avoid SE taxes, but why not just have one S-Corp with multiple shareholders? Perhaps there's more than 100 owners or a foreign owner . . .
Mark J Kohler any follow up to the question below? Interested in that specific topic for a partnership I’d like to form
Turned off because of the background music... I don't know what I missed.
Thanks for the feedback! Are there any other videos that have turned you off, I'd love your feedback!