Limited Partnership vs. LLC

[ChrisM]

And last, but my favorite:

What do You think is average in the market. I know profit based fees, but how about others ?

 

[laziz314159]

Quote from ChrisM:

This Vegas idea is so impressive...

But seriously, looks like paper job is quite simple. BTW I already have EIN and as far as I know no matter how many businesses You have there, is only one EIN assigned to You (at least this is what I got from IRS regarding this matter, would You agree ?).
Anyway thank You all for valuable info.

Nooooooooo. Never trust what they tell you on the phone.

Earlier this year, I got a bill from the IRS for $20k. I called-- the person on the other end of the phone made the following errors: 1. Contradicted the tax code, and the relevant IRS Pubs. 2. Threatened to expedite the collections process. 3. Did everything possible to get me tomake an 'admission against interest' ( you know, like when the cop pulls you over and asks if you know how fast you were going).

Anyway, I called back until I got someone who would listen to what I was saying and actually LOOK at the relevant IRS pubs... My new tax bill: $63.


Point being that you need a separate EIN for each entity (it's even recommended for each business if you're a sole proprietor with multiple businesses). EIN stands for employer identification number, and obviously if you started two companies they would be two separate employers. The EIN is what links the bank account (and payroll tax accounts, etc) to the employer. Trust me, you don't want to get the IRS confused about it.

Other point being, never trust the lifers on the other end to even have a clue.

Best Regards,

Laz

 

[ChrisM]

Believe or not, but I still have this letter (it was a letter !) as response for my EIN application.
Good thing about this is, at least I know that IRS treat also others this way. I thought that was only me having such bad luck.
Thx so much Laz, this way it makes me better .