Multi-State & Multi-Owner Business Entity Management
in St. Louis
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PROJECT DETAILS
Overview
A new business with multiple owners residing in different states needs to choose an entity and prepare for business income taxes at the Federal and state level.
Challenges
There are several factors to consider, including tax efficiency, multi-state tax considerations, employee benefit and retirement plan options, tax ramifications and legal protection for owners, operating agreements, business plan, and succession plan. Partnership taxation can allow for flexibility on how partners allocate partner income, but are complicated with respect to taxation to each partner.
Results
- We work with a business attorney to create an operating agreement complying to the various state laws, and to meet the needs and intentions of the partners. Then we work with each partner on an individual basis to account for their respective share of partnership income, calculate Federal and all state income taxes, and consult on retirement and owner benefits that are available.