"Drew Edmundson" <drewsbeagles[at]hotmail.com> wrote in message
news:0klgo4lrend52ic6174cs52r37efh71217[at]4ax.com...
- quote -

You know Drew, I thought a bit about the "foreign" members issue too and I
concluded (or assumed) that the OP meant NOT U. S. Citizens. Here's how I
got there:

1 - In more than 25 years in this business I have NEVER met a client who
understood that "foreign" could mean a non-resident of the state in
question;
2 - nothing in the OP led me to believe that the Poster was a professional
or anyone else familiar enough with "our" world and vocabulary to even have
a clue that foreign could mean anything other than a non U. S. Citizen.

Which brings me to the point of this little diatribe - most of us pros are
more than willing to help out by answering quesitons whenever we can. The
problem we face, as professional contributors, is that most of those asking
questions don't understand enough about what they are doing to post enough
relevant information so that we can make an accurate assessment of their
situation. This isn't a complaint really, it is the nature of this type of
forum and those of who frequent here know this.

I mean more as a suggestion to those who may post in the future - try to be
as clear as you can about the issues involved.

Drew - I'll bet more people would read your posts if you posted as Drew Cary
from Edmundson, NC! <G
Gene E. Utterback, EA, RFC, ABA

--
<< ------------------------------------------------------- > << 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 (2007) - All rights reserved. > << ------------------------------------------------------- >

On Mon, 2 Feb 2009 18:55:13 EST, "Gene E. Utterback, EA,
RFC, ABA" <gene[at]alliancetax.com> wrote:

- quote -

I took "foreign" to mean not AZ residents not as US
nonresidents. I think the OP should clarify that first.
However I still agree with Gene, see a local tax
professional. These aren't the type questions that can be
easily handled in an online forum. I don't answer questions
like that for my clients via e-mail, just too many questions
and issues to discuss.

--
Drew Edmundson, CPA
Cary, NC

--
<< ------------------------------------------------------- > << 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 (2007) - All rights reserved. > << ------------------------------------------------------- >

<ishaq.beryar[at]gmail.com> wrote in message
news:fba7f6cd-c576-4ab9-9b8b-bc60a7ea439c[at]v5g2000prm.googlegroups.com...
- quote -

You need professional help and you need it NOW!

You did not say, but if the foreign owners hold more than a certain
percentage (I think 20% or 25%) then you may be classified as a tax shelter
and you may have to register as such. If this is the case then you are in a
whole different ball park and you have to play by a whole different set of
rules.

Go find a local pro who knows about tax shelters - start with the National
Association of Enrolled Agents at www.naea.org. You can do a search for an
EA in your area. Your local Board of Accountancy may also have a list of
CPA firms in your area. I would quip that the likelihood is that you'll
need to work a larger firm rather than a small local accountant - Tax
Shelter work is highly specialized and is not the kind of thing the small
shop (or the storefront shop like HRB, JH or LT) work with often.

Good luck,
Gene E. Utterback, EA, RFC, ABA

--
<< ------------------------------------------------------- > << 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 (2007) - All rights reserved. > << ------------------------------------------------------- >

Our LLC company is registered in Arizona state on Jan-02-08. It has 2
foreign memebers (capital contribution of each member is $1,000.00).
It has one marketing consultant being paid $4,000.00 per month. It has
a turnover of $13K and is in loss of $35K as of Dec-08. Its business
is to import knit apparels into USA from foreign countries and to sell
goods to wholesaler/distributors/intermediaries and end users across
USA (all states). Its looking for to file first time all applicable
taxes returns (Fedreal/State).



Questions:

1. How should LLC opt to tax in this case as C Corporation or
Partnership to gain tax benefit?

2. What is its financial year or tax year? I mean the year ending on
Dec-31-08 or some other date.

3. What are applicable tax rates (Federal/State) or fillings if it
opts as Partnership or as C Corporation.

4. What are other applicable taxes or fees payable to Federal or
State?

5. Should LLC pay to Marketing Consultant as consultant's fee or
emplyee's salary to gain tax advantage.

--
<< ------------------------------------------------------- > << 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 (2007) - All rights reserved. > << ------------------------------------------------------- >