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The first part could easily explain it, particularly if the company was an LLC. If you own a stake an LLC, you are liable for the taxes on the profits on your s
by conjecTech 12y ago
The first part could easily explain it, particularly if the company was an LLC. If you own a stake an LLC, you are liable for the taxes on the profits on your share of the ownership regardless of whether or not you see any of it(at least in GA). Since the author seemed fairly oblivious to this requirement maybe he hadn't paid them since moving out of the state? Since this seems to be from a couple years ago, do anyone have any closure on this situation now?
- sliverstorm 12y agoyou are liable for the taxes on the profits on your share of the ownership regardless of whether or not you see any of it Can you explain?
- dragonwriter 12y agoIIRC, an LLC can either be separately taxed or a pass-through entity; in the latter case, the LLC members each pay taxes on their share of the LLC's taxable income. This is true even if all of the income is retained in the LLC.