hammer23[at]lightblast.net wrote:

- quote -

For tax purposes, an unincorporated business association
(more than one owner) that is not set up as a specific type
of entity (e.g., LLC, trust) is a partnership, even though
it may not be a partnership under state law. So yes, the
business should have filed a partnership information return
and you should have received a K-1. You need to find out
whether a return was filed.

The relationship between you and the other parties is going
to be governed by the law of your state. You need an
attorney to represent your interests in this matter.

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<hammer23[at]lightblast.net> wrote:

- quote -

Without a partnership agreement spelling out the terms of
the association of you and your partners, the default
treatment is generally that allocation of income & losses
will follow the capital accounts. In your scenario, the
losses have just about chewed up the entire investment,
therefore, your portion of the loss would generally be
$65,000 so there's no $70k to get back, maybe $5,000 at
best. Who's the managing partner? Who's the tax matters
partner? These questions are spelled out in a typical
agreement. With certain exceptions, even w/ no written
agreement in place a tax return would still have been due.
Was a tax return actually prepared and filed? If yes,
contact the accountant directly to get your K-1. Sounds
like you need either your own CPA, attorney or both to
represent you in this matter.

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<hammer23[at]lightblast.net> wrote:

- quote -

Technically, the accountant doesn't give the partners their
K1's Its the managing partner/member who is responsible for
distributing the K1's

___________________________________
<<< Benjamin Yazersky, CPA [NJ & NY] > > -----> real address on hobokeni or hobokenx <-----

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hammer23[at]lightblast.net wrote:

- quote -

A K-1 is required for any partnership or an LLC taxed as
one. So it doesn't matter that you didn't form an LLC.

You don't say which state you are in, but chances are there
is a law that says you are partners, and how that
partnership will be dealt with in case you don't have a
written agreement.

So yes, based on what you have said you should have received
a K-1. So either you have completely misunderstood what he
told you, or the accountant doesn't know what he's talking
about.

Stu

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We started a business with another couple in July of 2005
and do not have a signed LLC. Each of the us put in $70,000
to start up the business. Long story short, we stop working
with our partners and have requested that they pay us our
$70,000 back. The tax accountant who filed the taxes last
year for the company did not give us a K-1, because we did
not have a singed LLC. The company lost $130,000 and our
agreement was that both my wife and I were suppose to 10%
each. Even though there was no legal documents signed,
shouldn't we have recevied a K-1?

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >