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   Question    posted to Accountants on 03/18/09 03:54 PM, Yonkers, NY 10705
I recently formed an LLC to purchase a business, but now I have a partner who wants to go half on the business.  Should I add as a member to my LLC?  do I need to re-file an article of organization? amend current?  change?  what's the protocol?
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Specialist Answer 1 of 2
   Answered By     Midler Bruce, 03/18/09 05:50 PM
Midler Bruce
1700 Central Park Ave
Yonkers, NY 10710
914-793-2311
brucemidler@yahoo.com
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YOU CAN ADD YOUR PARTNER ON YOUR OPERATING AGREEMENT AND SPELL OUT HIS OWNERSHIP, PROFIT AND LOSS, AND CAPITAL PERCENTAGES. YOU DO NOT HAVE TO REFILE WITH NEW YORK STATE BUT YOU WILL HAVE TO FILE  A PARTNERSHIP RETURN IN THE FUTURE.

I WORK ON LLC'S AND PARTNERSHIPS REGULARLY AND CAN GUIDE YOU WITH THE TAX IMPLECATIONS OF YOUR BUSINESS. I DO A LOT OF "HAND HOLDING" WITH MY CLIENTS AS MOST ARE SMALL BUSINESSES WITHOUT A FINANCIAL PERSON ON STAFF.

IF I CAN BE OF SOME HELP PLEASE LET ME KNOW AT (914) 793-2311. GOOD LUCK ON YOUR NEW VENTURE.

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Specialist Answer 2 of 2
   Answered By     Andrew S. Kenward, CPA, 03/18/09 06:57 PM
Andrew S. Kenward, CPA
32 Hartford Lane
White Plains, NY 10603
914-592-4343
askacpa@msn.com
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Hi LLC,

Check out my website ASKCPA.COM & give me a call. I'll be happy to discuss your issue with you!

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