HiCustomer Thank you for asking your question on Just Answer. The other Experts and I are working on your answer. By the way, it would help us to know:Please explain your position further.
Do you want to file return for the year 2007-08.Thank you again for trusting us with your problem. Please reply as soon as possible so that we can finish answering your question.
To my knowledge you have to report the income details to the income tax department by way of filing state tax return. Because the income is made and the profit is distributed to the partners. Any income or profit is subject to taxation as per the partnership act. You have to file the return in the name of the LLC as per the New York state partnership Law. The tax assessment should be done by a Certified Public Accountant, who is the competent authority to make the assessment as per law.
I strongly recommend you to consult a Certified Public Accountant regarding this matter. I am giving the information about a CPA firm in New York City which specialises in partnership taxation. Please consult them. They will guide you in all aspects regarding taxation. Please visit the following link for more details.
http://newyork.craigslist.org/que/fns/625173971.html ( please click on this link and read it completely)
Please call on this number (NNN) NNN-NNNNor(NNN) NNN-NNNN ASK FOR DAVID
Please call on the above number and explain your situation. They will guide you properly regarding taxation.
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Thank you and Good luck.