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Question:
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Category: Tax and Taxation Law
Location: MO
Subject:  Hiding corporate officer identities

I put this under ''taxation'' because I'm sure taxes will play a big part in the answer. I'm starting an Internet business that, while legal and ethical, isn't the type of business I'd like my neighbors to know I operate. I live in Missouri and would like to keep private who owns the company. This isn't easy when Annual Reports are available to anyone on the MO state website.

How can I keep this information less accessible? So far, I've incorporated in Nevada. I've also got another incorporated business that's registered in MO (it was incorporated in KS). I was thinking about having my new business pay all net revenue to my old business for services to avoid having to submit employment taxes and forms (I'd still be paying employer taxes through the old business). Even so, I think I'd still have to file a MO Annual Report, but I'm not sure about this. Bottom line: I'm incorporated in NV, my bank will be out of state, and I'll be conducting business all over the world. However, my butt will be in MO and I need to get paid. Any ideas?


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Reply:
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Category: Tax and Taxation Law
Location: MO
Subject:  Re: Hiding corporate officer identities

You are going overboard! Before you set up any entity, you should have consulted with a tax and business lawyer. Many times, a corporation may not be the best choice. You should also consider the tax aspects of the businesses. Right now, with entities in 3 states, you are starting with a needlessly complex business structure. STOP! Consult a tax lawyer.
I have some information on my web site which may help - http://www.taxesq.com/

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Question:
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Category: Business Law
Location: NJ
Subject:  corporations

can I modify the name of my llc?
i.e. Eastern cORE dRILL,LLC  to
ECD,LLC


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Reply:
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Category: Business Law
Location: NJ
Subject:  Re: corporations

First, a Limited Liability Company is referred to as a LLC not a Corporation. Secondly, you can file an "Alternative Name" with the Dept of Revenue. Because 3 initial names are in great use, you may have trouble actually changing the name. Also, you do not want to be confused (and liable for) another business.

You need a good business and tax attorney to help you set up your business right!

Ron Cappuccio

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Question:

Can a member of a Limited Liability Company receive a payroll check with taxes deducted?

Answer:

If you have a LLC taxed as a partnership you cannot have WAGES paid to a partner/member, nor can you have withholdings. 
 
You need to amend any 941's or state unemployment tax returns showing wages to a partner. 
 
You CAN have guaranteed payments to partners, which are subject to SE tax, but the individual partners pay their taxes via estimated tax vouchers on 1040-ES.  

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Question:

As the sole member of a LLC, can I be personally liable for all exployment taxes owed to the government?

Answer:

Until January 1, 2009, a single-member "disregarded" LLC is disregarded for employment tax purposes; the member--whether or not also a manager--is liable for "both sides" of the employment taxes, as if the business is a sole proprietorship. Please see See McNamee v. IRS, 488 F.3d 100 (2nd Cir. 2007).

Effective January 1, 2009, the wall goes back up, and there will be parity between single-member LLCs and single-shareholder S corporations.

Call me at (856) 665-2121 today!