Yes. The CPA we hired is rated as one of the best in our area.
We have already amended both LLC and individual tax returns.
Would this make a difference in the breach of fiduciary duty claim?
Our operating agreement doesn't mention anything about termination.
Also we are deadlocked (50% each). Can my co owner still terminate me?
If I get terminated from the LLC, would I get all my contribution (mentioned in my K1) back would it be much below what I have invested?
If my partner files a does file a suit to dissolve under California code 17351, would he be successful? How long and how much would this cost him? If he does file a suit, would I be allowed to defend the suit?
Yes. I contacted the original CPA and he still says he is correct.
Regarding penalties, are you referring to the LLC taxes or individual taxes?
When I amended my personal returns, I paid penalties and interest on penalties. I applied for request for abatement of penalties, Would IRS normally accept the request?
Would the dissolution offer any benefit to my partner, if he is going to spend that kind of money?
As a TMP, I think I missed out sending the tax returns to my partner on time, though I sent his K1's as soon as we filed the LLC tax returns. Would this be considered serious lapse of duty on my part?
The business is not making money yet as it's not opened yet.
However the business potential is enormous. So, by dissolving the LLC I guess offers no benefits to my partner.
Regarding the penalties and interest, I thought the CPA who prepared the returns is liable, assuming IRS doesn't accept the abatement request. Is that correct?
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