Converting An Existing Sole Proprietorship Or Partnership To An LLC! YOU HAVE TO DO IT!!!

I have a lot of entrepreneurs asking me how they can legally transition from their existing partnerships into a new legal structure that will afford them greater protection from adverse claims.

This is easy because the existing assets and liabilities can simply be transferred to the new limited liability company. The transfer will not be a taxable sale therefore the business owners are not obligated to pay taxes as a result of the conversion.

It's really funny how in today's society entrepreneurs and small business owners are still missing the basics and still losing their shirts trying to create a better life for themselves and others. We start out on the wrong foot without the proper foundation and its amazing how, even with so much information, we miss the mark on the basics!

Episode 6 of the Secured Entrepreneur Show will be helpful to the entrepreneurs who haven't come under the protective umbrella of a legal entity yet.

The internal revenue service recognizes that converting a sole proprietorship or partnership into a limited liability company is a change in legal structure of an existing business and not a sale of assets from one business to another.

After you have converted your existing business to a limited liability company you will need to file the same tax returns that you filed prior to the conversion. If you are a sole proprietorship who converts into an LLC, you will file a 1040 Schedule C and if you have a partnership converting into an LLC, you would file a 1065 partnership tax return.

If you have a partnership, more than likely each entrepreneur has an equal percentage of capital interest meaning they have the same percentages of ownership. Let’s say its 50-50 so now all they have to do is prepare their operating agreement showing each individual having a 50% capital interest and a 50% share of the limited liability company profits and losses.

"Protecting Your Business Starts BEFORE You Open For Business"

The SECURED ENTREPRENEUR MOVEMENT has begun!! Thank you for reading my post! Please FOLLOW so you can continue to get this juicy Entrepreneur-NESS info! I will FOLLOW you back!

Free Course: ENTREPRENEUR AT RISK http://bit.ly/2hbgCFM

LLC BASICS is now open for enrollment: http://aurorahdeyconsulting.com/llc-basics-2/

Trust Services:
CannaTrust™ - A Blend Of Private LLC's And Trusts Specifically Designed For The Medical Marijuana/Cannabis Owner-Operators Of Farms And Dispensaries. http://aurorahdeyconsulting.com/cannatrust/

MDTrust™ - Combination Of Specific Asset Protection Tools And Rapid Wealth Building Strategies That Shield Physicians And Their Valuables From Medical Malpractice As Well As Non-Malpractice Claims.
http://aurorahdeyconsulting.com/mdtrust/

FaithTrust™ - Private Legal Entities That Provide Protection And Enhance Wealth Specifically For Ministers, Churches, Faith Based Organizations, Light Workers, Healers, And Spiritpreneurs.
http://aurorahdeyconsulting.com/faithtrust/

RETrust™ - The Ultimate Structured Entities For Real Estate Investments And Dividends From Real Estate Investment Trusts.
http://aurorahdeyconsulting.com/retrust/

Consultations: https://aurorahdeyconsulting.simplybook.me/booking/index

Call the office. David loves to hear from all of you... literally! HAWH HAWH HAWH... 855-276-2119

Please send all questions and comments to Jessica info@aurorahdeyconsulting.com

For all of my cryptocurrency loving entrepreneurs: Buy $100.00 worth of bitcoin and the both of us will get $10.00 in bitcoin
https://www.coinbase.com/join/5872bda9410c0261202efeb1
Gotta luuuvvv yo bitcoin wallet!!!

Connect With Me:
Instagram: http://instagram.com/aurorahdeyconsulting
Facebook: http://facebook.com/aurorahdeyconsulting