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we have been running a family lawn service for40 years and

I want to add my...
we have been running a family lawn service for40 years and I want to add my son as a partner. I already have a new ein number. we have no employees and is only the 3 of us. my account is having a fit. can you tell me if everything just carries over from before like trucks and equipment and just continue with depreciation as it has been or is this really going to be a big deal.
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Answered in 8 minutes by:
4/2/2013
BizIPEsq.
BizIPEsq., Attorney
Category: Business Law
Satisfied Customers: 996
Experience: I am a business attorney. I represent individuals and companies with all business related matters.
Verified

TheLegalistEsq :

Hello, I will be assisting you.

Customer:

my acct seems to be puzzled with what I did.

Customer:

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

Customer:

we have equipment that still needs to to be depreciated.

Customer:

is anyone helping me???

TheLegalistEsq :

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

Customer:

is that something the acct should do

TheLegalistEsq :

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

TheLegalistEsq :

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

Customer:

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.

Customer:

so what can I do now

TheLegalistEsq :

when you say partnership do you mean a partnership or do you mean a LLC?

Customer:

when I talked to the irs telling them of my intentions, it seemed like a simple ordeal.

TheLegalistEsq :

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

Customer:

I need someone to straighten this out for me.

TheLegalistEsq :

Realistically you need an attorney.

Customer:

I am a member of just answer how does payment work now.

TheLegalistEsq :

You need to rate my service that's it

Customer:

I am a just answer member now, how does the payment work now?

TheLegalistEsq :

I'm not sure about the process itself. I believe you just need to rate my service

TheLegalistEsq :

I trust you are satisfied with my answers

Customer:

I need a lawyer, I know if I rate you I pay. im satisfied.

BizIPEsq.
BizIPEsq., Attorney
Category: Business Law
Satisfied Customers: 996
Experience: I am a business attorney. I represent individuals and companies with all business related matters.
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BizIPEsq.
BizIPEsq., Attorney
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Satisfied Customers: 996
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