|CoHo Partnerships and taxes||<– Date –> <– Thread –>|
|From: David G Adams (dadamsworld.std.com)|
|Date: Mon, 5 Dec 94 14:41 CST|
Hi all. I need the wisdom of the net. We (Cornerstone) have a Joint Venture Agreement describing how one becomes a partner and the rules for breaking up (which WON'T happen...). We are not incorporated as anything, although we do have a Federal Employer ID number (We didn't want to attach the group's checking accounts to any individual's SSN.) We have been trying to figure out whether we need to file a partnership statement with the IRS. If not, why not? If so, how do we calculate the profit (NOT!) or loss, and what do we need to put into our report to ourselves? Yes, we are going to be talking to the lawyer (thanks for your lawyer, New View) and he will probably have good advice. But I wanted to find out what other groups have done, and our group doesn't want to invest the time and money into hiring an accountant right now. We're too busy doing site programming, membership orientations, advertising, contract negotiation, affordable housing planning, conflict resolution over kids in the meetings, and property acquisition. Thanks ahead of time, Dave Adams ______________________________________________ |\/\/\/| David G. Adams |____ | U4 Consulting OO ) | Arlington, MA ( | dadams [at] world.std.com | | CompuServe: 72630,1374 ______________________________________________
- CoHo Partnerships and taxes David G Adams, December 5 1994
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