Hello, I will be assisting you.
my acct seems to be puzzled with what I did.
I thought we would just be able to continue the same as we have been doing and just dividing everything 3 ways. I have been informed it just doesn't work that way
we have equipment that still needs to to be depreciated.
is anyone helping me???
If the intent is to start a new company then you would need to merge the company into the new one to continue the tax treatment of existing assets
is that something the acct should do
Another option is to sell a piece of the existing company to your son? You can also grant him an ownership interest and use the lifetime gift tax exemption so that you don't have to possibly pay taxes on the sale. The lifetime gift tax exemption for 2013 is $5,250,000
So you do need to legally make your son an owner so you can't just divide everything three way but as noted if you sell or grant your son an interest in the business this will avoid all the issues of having a new EIN number and possibly losing the tax treatment for some assets
already formed the partnership have the new ein, merging into new do I need a lawyer. just need to know how we will file our taxes. schedule k I know.
so what can I do now
when you say partnership do you mean a partnership or do you mean a LLC?
when I talked to the irs telling them of my intentions, it seemed like a simple ordeal.
in general that's not a good idea. I can't go into much detail because it is outside the scope of the original question but under a GP you do not have any liability protection
I need someone to straighten this out for me.
Realistically you need an attorney.
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