Is a freelancer a business entity?
Sole proprietorship is the default business entity for freelancers. This means that if you start working as a freelancer without forming an LLC or cor......
Can a UTMA have multiple beneficiaries?
More than one beneficiary is OK with a trust, not with a custodial account. More than one trustee is OK with a trust, not with a custodial account. A ......
Is there form for basis limitation for K-1 losses?
There is no form for the basis limitation, but a worksheet, and some instructions have been provided in the partner and shareholder instructions for S......
Can one member of an LLC do a 1031 exchange?
Is a Single Member LLC able to do a 1031 Exchange with LLC? Yes. If you are the only partner in a single-member LLC, you’ll have no issues if you’re t......
Do you have to file for a limited partnership?
There is no need to file a separate tax return for the partnership. Each partner is taxed personally on his/her share. A limited partnership has some ......
