1590 Westbrook Plaza Drive, Suite 203
Winston-Salem, NC 27103
Limited liability companies (LLCs) are a popular choice
because they can fit into many different situations. LLCs are unique in the
sense that it can be taxed in several different ways: as a sole proprietorship or
shadow entity; as a partnership; or as a C-Corporation. In addition, the limited
liability company may be owned by individuals, Trusts, or other companies.
The limited liability company and the limited family partnership can also be a great
means for transferring business ownership to family. Any property held by the
limited liability company or limited family partnership can be discounted for lack of
marketability for reasons that the ownership in the business will be held only by
family members. In addition, ownership interest in the limited liability company and
the limited family partnership can be gifted to family over time thus reducing the
amount of ownership interest or property held by the taxpayer, thus reducing the
estate tax liability. The heirs receiving such gifts of interest, however, receive no
control or vote or have the right to receive any benefit of property in the limited
liability company until the taxpayer transfers management decision making and
voting control to them. This serves as a tremendous tool to retain control over
property yet transfer away the value to reduce estate taxes.
We have extensive expertise in advising our clients on the
formation and review of limited liability companies and
partnerships, and can help you make sure your company is
in compliance with all tax laws.
Proper formation and management of an Limited
Liability Company can ensure you maintain the
proper tax benefits and limits on owner liability.
Contact Ingersoll Firm if you need help establishing or maintaining a
Limited Liability Company. We have the expertise to keep you in
compliance while maximizing your benefits.