Partnership info you'd be willing to share

[peevee]

10 minutes ago, eman1200 said:

if it's $800 in Cali I would expect it to be roughly $50 anywhere else in the country.

while I half kid, and am not sure the actual tax rate in NC, I have accounted for taxes in my mock expense spreadsheet.

it's like, ten dollars a year in CO and like $50 to form an LLC.

it's not my first rodeo

Edited December 22, 2016 by peevee

[ArtVandelay]

if it's $800 in Cali I would expect it to be roughly $50 anywhere else in the country.

while I half kid, and am not sure the actual tax rate in NC, I have accounted for taxes in my mock expense spreadsheet.

NC has personal property tax, depending on what county it could be 1% per year give or take.

[RobertGary1]

2 hours ago, teejayevans said:

NC has personal property tax, depending on what county it could be 1% per year give or take.

But is that depended on the legal entity (partnership vs llc vs corp)? The franchise tax is specifically a tax on just being an llc it doesn't affect your property tax.   

[ArtVandelay]

But is that depended on the legal entity (partnership vs llc vs corp)? The franchise tax is specifically a tax on just being an llc it doesn't affect your property tax.   

Correct, in addition to the corporate fee, you will have personal property tax, which will be paid by the LLC. Also, understand the LLC protection has limits. Example, if your partner crashes the plane, your liability would be limited to the assets in the LLC. If you have a savings account for future engine overhaul in the name the LLC, that can be taken. Also it doesn't protect you from yourself, if you crash the plane, you can be sued in addition to the LLC. Furthermore if your partner crashes the plane, but you perform service on the plane, if it's a contributing factor, you'll be sued.
A lawyer can expand on the dos and don'ts of LLC.

[Bob - S50]

On 12/22/2016 at 8:46 AM, DonMuncy said:

If I were you, I would be trying to get the other owners to buy your shares up to the point you have equal shares  It looks like what you have is a larger share of a decreasing value asset; based on the belief that when you factor in maintenance and improvements, you will never get your full investment back out.

If I were the other guys, I would be very quiet. They have all the "value" you have with a smaller investment.

I'm sure someone will tell me if my thinking is erroneous.

As others have said, I didn't do it as an investment.  I did it so we could get a nicely equipped J instead of a so-so equipped F.  If we keep adding more upgrades like our GTX345, maybe a G5, maybe some other stuff, I may eventually be able to get back my initial investment.  If I don't, that's OK too.

[TTaylor]

The real advantage of the LLC versus a partnership is in the ability to change partners without triggering registration and tax issues.

[peevee]

17 minutes ago, TTaylor said:

The real advantage of the LLC versus a partnership is in the ability to change partners without triggering registration and tax issues.

Big time. No sales tax. 

[RobertGary1]

5 hours ago, TTaylor said:

The real advantage of the LLC versus a partnership is in the ability to change partners without triggering registration and tax issues.

Or more specifically without the state making the connection. I did ask the state about this and they said that sales/ use tax is still required but of course they don't know. 

/Robert