----- Original Message -----From: Cris KellySent: 10/01/2008 2:50 PMSubject: RE: [taxchat] 2 residential home facilities / incorp issue
I have a place in my website that allows people to do this.
The interested company fills out the questionnaire on my website and it is then transferred to a company that sets up the LLC or corp for them. I don't think I have ever had anyone use it though.
At least I think this is similar to what Arnie is referring to, and it is not limited to any state. I believe they do all states.
Cris
From: taxchat@yahoogroups
.com [mailto:taxchat@ yahoogroups. com] On Behalf Of Donna L Loeffler CPA
Sent: Wednesday, October 01, 2008 11:43 AM
To: taxchat@yahoogroups.com
Subject: Re: [taxchat] 2 residential home facilities
Arnie,
Is there something like that in MN, do you know? You are in New York, correct?DonnaDonna L. Loeffler, CPA936 Church AvenueSt. Charles, MN 55972(507) 251-8119dllcpa@hbci.com The information in this message, and any files transmitted with it, is confidential, may be legally privileged, and intended only for the use of the individual(s) named above. Be aware that the use of any confidential or personal information may be restricted by state and federal privacy laws. If you are not the intended recipient, do not further disseminate this message. If this message was received in error, please notify the sender and delete it.IRS Circular 230 Disclosure: Unless expressly stated otherwise in this transmission, any tax advice contained herein, forwarded with or attached to this message was not and is not intended to be used, nor may it be relied upon or used, by any taxpayer for the purpose of (1) the avoidance of any tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions, or (2) promoting, marketing or recommending to another party any tax transaction or tax-related matters that may be addressed herein.
Arnold M. Socol wrote:It would be advisable to advise your client to protect their assets better as a Corp or LLC. They have assets that they could lose in a sole proprietorship. I offer Incorp and LLC services through a legal business that I go through that does all the leg work setting these entities up. They are located near the State Capital. If I fax them the info before 10 am, my client will be an new entity before the day is over. These are the same companies that lawyers go thru. Difference lawyers charge around $600 here and I charge $395. Its a good marketing tool to get new accounting, bookkeeping and tax clients by saving them a couple hundred bucks.
Arnie
----- Original Message -----
From: Robert Lukey
Sent: 10/01/2008 2:05 PM
Subject: Re: [taxchat] 2 residential home facilities
If she is operating them both under one name and federal ID then she can use one schedule C.
On Wed, Oct 1, 2008 at 10:20 AM, Cris Kelly <ckelship@yahoo.
com > wrote:I have a client that is operating as a sole prop.
In 2007 she purchased a 2nd location, so now she has 2 residential care homes.
Am I correct that I can combine all the income / expenses on one Schedule C? Or do I need to have two separate 'C's since they are not located together?
I believe that I can combine them, I just want to verify with the experts.
Thanks for the help.
Cris
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