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Sunday, September 30, 2012
Determining when/if You Should Convert Your GA LLC Over to a GA ...
Determining when/if You Should Convert Your GA LLC Over to a GA S Corporation
Incorporating in GA & GA Entity Selection is one of the most important tax decisions you will ever make.
One of our past inquiries to our web site was regarding entity selection issues and their judicious application. Below is the inquiry we received:
I am starting a new GA ?Corp (changing from an GA LLC) and need to gain a business bank acct and make sure many of my forms are filled out correctly. Also need to find an accounting way to invoice clients. Also, will need to file for sales tax collection as we are soon to have retail sales. Feel free to call me any time.
Though many taxpayers come prepared with their own answer for me to supply them, it is necessary for the CPA to be a quick study and to address their individual needs both accurately and succinctly. To this end I prepared the below response:
There is perhaps no larger area of confusion in tax law nor one, which will dramatically affect your total tax bill as tax entities are taxed in several different ways. Understanding these nuances is next to impossible, absent the technical training and experience necessary. To help unravel this mystery we work with taxpayers by providing information that is both insightful and useful.
At http://www.hiscpa.com/article2.html ?you will find a narrative that will do much to enlighten you as to the many variables affecting entity selection for your Georgia based business. In this article you will find many of the rules and regulations regarding entity selection in a straight-forward style which is easy to both digest and understand. Also at http://www.hiscpa.com/article6.html ?you can find an actual example of how entities are taxes and the nuances thereof. We have found over the years that having a sample or illustration does much to remove the mystery of entity taxation issues.
Generally both Georgia S Corporations and Georgia LLC?s will pay the same federal and state income tax. However the nuances exist in the area of payroll taxes and self-employment taxes and the filing of the actual year-end tax returns for each entity. If you quality to be an Georgia S Corporation, your Georgia LLC can legally convert to a Georgia S Corporation for tax purposes, while your Georgia LLC would remain such for legal purposes. Often LLC?s who transact such an election may save thousands annually in unnecessary taxes being paid . To learn more visit http://www.hiscpa.com/blog/2008/10/02/flow-through-entities-s-corporations-vs-llcs/
We are committed to living out the ?Golden Rule? of treating our clients as our friends and giving the best service possible. Our goal of Serving Him as We Serve You, will help you receive the very best advice we can provide. I would welcome meeting to get started and I have time openings later this week and please note: our initial thirty minute consultation is free.
www.HisCPA.com Incorporation in Georgia, Setting up an LLC in Georgia, Setting up an S Corporation in Georgia, Georgia Entity Selection, Converting Your GA LLC to an S Corporation, Converting Your GA C Corporation to an S Corporation, GA LLC, GA S Corporation and Converting Your Georgia Business to an S Corporation.
Related posts:
- Should You Convert Your GA LLC to a GA S Corporation: Incorporating In GA
- Should I Convert My Business to an S Corporation?
- Incorporating in Georgia?Determining if an S Corporation or LLC is Best for Your Business
- Tax Benefit of Georgia C Corporations vs. the Tax Savings Afforded by Georgia S Corporations When Incorporating in Georgia
- Duluth/Gwinnett CPA Teaches Gwinnett Taxpayers on Incorporating in Georgia
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Donald gives Europe 1st point at Ryder Cup
Europe's Rory McIlroy reacts to chants from the crowd on the first tee before a singles match at the Ryder Cup PGA golf tournament Sunday, Sept. 30, 2012, at the Medinah Country Club in Medinah, Ill. (AP Photo/Charles Rex Arbogast)
Europe's Rory McIlroy reacts to chants from the crowd on the first tee before a singles match at the Ryder Cup PGA golf tournament Sunday, Sept. 30, 2012, at the Medinah Country Club in Medinah, Ill. (AP Photo/Charles Rex Arbogast)
Europe's Rory McIlroy stretches on the first tee before a singles match at the Ryder Cup PGA golf tournament Sunday, Sept. 30, 2012, at the Medinah Country Club in Medinah, Ill. (AP Photo/Charles Rex Arbogast)
Europe's Rory McIlroy walks off the first tee during a singles match at the Ryder Cup PGA golf tournament Sunday, Sept. 30, 2012, at the Medinah Country Club in Medinah, Ill. (AP Photo/Charles Rex Arbogast)
USA's Phil Mickelson, left, shakes hands with Jack Nicklaus on the first hole before a singles match at the Ryder Cup PGA golf tournament Sunday, Sept. 30, 2012, at the Medinah Country Club in Medinah, Ill. (AP Photo/Charles Rex Arbogast)
Europe's Luke Donald reacts after missing a birdie putt on the third hole during a singles match at the Ryder Cup PGA golf tournament Sunday, Sept. 30, 2012, at the Medinah Country Club in Medinah, Ill. (AP Photo/David J. Phillip)
MEDINAH, Ill. (AP) ? Europe's comeback plan is on track, with Luke Donald winning the day's first match at the Ryder Cup.
The Europeans still trail 10-7 after Donald's 2-and-1 victory over Bubba Watson, with the Americans needing only 4? points to regain the Ryder Cup. But the Americans lead just one of the other first six matches.
The biggest comeback in Ryder Cup history was by the Americans at Brookline in 1999. Trailing by the same deficit, the U.S. front-loaded its singles lineup and raced to a 6-0 lead. European captain Jose Maria Olazabal is using a similar strategy, and Donald didn't disappoint. He was in control the entire day; Watson didn't win a hole until the 15th.
Donald clinched the match with a gorgeous sand shot on 17, getting within a foot, and was rewarded with cheers of "Ole! Ole! Ole!"
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'Lorax' film wins Environmental Media award
IMAGE DISTRIBUTED FOR ENVIRONMENTAL MEDIA ASSOCIATION - Malin Akerman performs at the 22nd Annual Environmental Media Awards on Saturday Sept. 29, 2012, at Warner Bros. Studios in Burbank, Calif. (Photo by John Shearer/Invision for Environmental Media Association/AP Images)
IMAGE DISTRIBUTED FOR ENVIRONMENTAL MEDIA ASSOCIATION - Malin Akerman performs at the 22nd Annual Environmental Media Awards on Saturday Sept. 29, 2012, at Warner Bros. Studios in Burbank, Calif. (Photo by John Shearer/Invision for Environmental Media Association/AP Images)
IMAGE DISTRIBUTED FOR ENVIRONMENTAL MEDIA ASSOCIATION - Danny DeVito arrives at the 22nd Annual Environmental Media Awards on Saturday Sept. 29, 2012, at Warner Bros. Studios in Burbank, Calif. (Photo by John Shearer/Invision for Environmental Media Association/AP Images)
IMAGE DISTRIBUTED FOR ENVIRONMENTAL MEDIA ASSOCIATION - Malin Akerman, left, and Jessica Alba are seen backstage at the 22nd Annual Environmental Media Awards on Saturday Sept. 29, 2012, at Warner Bros. Studios in Burbank, Calif. (Photo by Todd Williamson/Invision for Environmental Media Association/AP Images)
BURBANK, Calif. (AP) ? The feature film "Dr. Seuss' The Lorax," documentary "Chasing Ice" and HBO comedy "Veep" are among the winners of this year's Environmental Media Association Awards.
The organization presented its 22nd annual honors for programs that raise awareness about environmental issues Saturday at a private ceremony on a sound stage at Warner Bros. Studios in Burbank, Calif.
Malin Akerman, who hosted the event, performed with her band and announced that she is expecting her first child with husband Roberto Zincone.
Other winners announced Saturday include the Disney Channel show "Handy Manny" and the National Geographic Channel's reality show, "Superfish: Bluefin Tuna." Jessica Alba and Ian Somerhalder were also recognized for their environmental contributions.
___
Online:
www.ema-online.org
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FOSS Patents: Google loses appeal, continues to be barred from ...
A U.S. appeals court has dealt the latest setback, and the most important one to date, to Google's hopes that it could address Android's huge patent infringement problems through the abusive pursuit and enforcement of sales bans based on Motorola Mobility's standard-essential patents, forcing the holders of non-standard-essential patents violated by Android into cross-license deals or mutual non-assertion pacts. The noose keeps tightening and it appears to be only a question of when, not if, Motorola will have to extend a standard-essential patent license to Microsoft on truly FRAND terms.
On Friday afternoon by Pacific Time, the United States Court of Appeals for the Ninth Circuit issued its opinion dismissing Motorola Mobility's appeal of a preliminary injunction by the United States District Court for the Western District of Washington that enjoined and, after the appeal was just turned down, continues to enjoin the Google subsidiary from enforcing a couple of German H.264-related patent injunctions that the Mannheim Regional Court had granted in May. The preliminary injunction had been granted by Judge James L. Robart, the federal judge presiding over the Microsoft v. Motorola Mobility FRAND contract dispute in the Seattle-based district court. The Ninth Circuit has now found that Judge Robart applied the correct legal standard and did not abuse his discretion in barring Motorola from enforcement in Germany.
The appeals court's ruling follows a September 11, 2012 hearing in San Francisco and means that Google must wait until Judge Robart resolves the FRAND contract issues raised by a Microsoft complaint filed in November?2010.
A bench trial in Seattle will commence on November?13 and will result in a FRAND royalty rate consistent with the FRAND promise Motorola once made to the ITU, a United Nations standard-setting organization that played a key role in developing the H.264 video codec standard in which roughly 80% of all digital video is encoded these days. Google does not want Judge Robart to resolve this contract issue as planned because it knows that its entire SEP enforcement effort against Microsoft would be brought to an end. In the opinion on the preliminary injunction, the Ninth Circuit does not want to address Motorola's objections to Judge Robart's course of action, but it comes fairly close to formally endorsing some of its key elements:
"We emphasize that we do not (indeed, we may not) decide whether the district court's partial summary judgment, or its determination that it would adjudicate a [F]RAND rate, was proper ? if an appellate court is to review those determinations, it will have to do so on a final, not an interlocutory, appeal. But we do hold this much: The district court?s conclusions that Motorola's [F]RAND declarations to the ITU created a contract enforceable by Microsoft as a third-party beneficiary (which Motorola concedes), and that this contract governs in some way what actions Motorola may take to enforce its ITU standard essential patents (including the patents at issue in the German suit), were not legally erroneous. Motorola, in its declarations to the ITU, promised to 'grant a license to an unrestricted number of applicants on a worldwide, non-discriminatory basis and on reasonable terms and conditions to use the patented material necessary' to practice the ITU standards. [...]"
"In particular, the face of the contract makes clear that it encompasses not just U.S. patents, but all of Motorola's standard-essential patents worldwide. When that contract is enforced by a U.S. court, the U.S. court is not enforcing German patent law but, rather, the private law of the contract between the parties. Although patents themselves are not extraterritorial, there is no reason a party may not freely agree to reservations or limitations on rights that it would have under foreign patent law (or any other rights that it may have under foreign law) in a contract enforceable in U.S. courts. [...]"
The Ninth Circuit opinion cites to different writings and decisions on FRAND, including several quotes from Judge Posner's recent ruling. It's clear that the Ninth Circuit gave a lot of consideration to FRAND issues and that it does believe FRAND promises must be honored. It is at least very skeptical of whether the pursuit of injunctive relief is legitimate in cases in which the defendant is clearly entitled to a license on FRAND terms.
The Ninth Circuit clarifies that its affirmation of Judge Robart's antisuit injunction does not imply that there is anything fraudulent about the process in Germany. The issue is not whether the Mannheim court did the right thing or the wrong thing -- it's that Motorola engaged in forum-shopping to gain leverage in Germany before the first-filed U.S. contract issue would be resolved. In practical terms, Motorola wanted to render the Seattle proceedings meaningless by gaining enough leverage in Germany that it could get a settlement on its terms before Judge Robart would even get to adjudge the case before him. Judge Robart made it clear that he wanted to thwart that plan, and the Ninth Circuit says that he had the right to do this.
By coincidence, I discussed this complicated situation yesterday, only a few hours before the Ninth Circuit opinion in a post on the fact that the Android camp is currently enforcing only one patent injunction against Apple and none against Microsoft. If you look at item?3 of that post, you can find more detail on the procedural history of the German H.264 patent injunctions that Motorola will most likely never get to enforce.
At the start of this post I was talking about Google's strategy for addressing Android's massive patent infringement. In light of this unsuccessful appeal to the Ninth Circuit, Google should think even harder about taking a license to all those Microsoft patents that read on Android. Google should ask itself, very seriously, whether it really has a workable plan to get away with wide-ranging unlicensed infringement.
If you'd like to be updated on the smartphone patent disputes and other intellectual property matters I cover, please subscribe to my RSS feed (in the right-hand column) and/or follow me on Twitter @FOSSpatents and Google+.
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Source: http://www.fosspatents.com/2012/09/google-loses-appeal-continues-to-be.html
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Mass Persuasion, One User At A Time
Marketers are increasingly personalizing their products and services to meet their customers? changing needs. But customization used in conjunction with powerful persuasion techniques is arming marketers with new weaponry to boost customer engagement and drive profits.Source: http://feedproxy.google.com/~r/Techcrunch/~3/ot31RyPRHxA/
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EpochTimes: International Competition Crowns Best Chinese Chef http://t.co/jIv4dtUG | Epoch Times
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Microsoft to face Penalty over Ruling Breach from European Union
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| This weekend's MacUpdate Promo offers 55% off Data Rescue 3.2.2. "Data Rescue is a robust and reliable hard-drive recovery solution for your Mac. Recover lost or deleted files, mount corrupted drives, and more -- Data Rescue offers complete relief from crippling hard-drive disasters!" Has the Maps fiasco shaken your confidence in Apple? Cast your vote in "Today's Poll..." in the left column below or go straight to the results here. Saturday Highlights: US appeals court sends Galaxy Tab 10.1 sales ban decision back to lower court endangering Apple's victory?more in our Apple/Macintosh section; interesting analysis over at Fortune ponders the man in charge of Siri and the new Maps: Scott Forstall; Louie Herr of Digital Trends says we haven't learned the lesson from Antennagate with regards to Maps, saying we've overreacted to the ordeal; Andy Ihnatko says Tim Cook's letter to consumers was the "perfect response", but that Apple's mistake was pushing Maps right into the deep end when they should have approached it like they did Siri; meanwhile, Jim Dalrymple believes this is a simple "black eye, nothing more"; curious question arises out of the Maps issue: "should Apple let users select alternate default apps?"; Consumer Reports not too hard on Maps; some ex Apple and NASA engineers make a pricey coffee maker; Jack Purcher analyzes Intel's computing direction toward "transparent computing"; over at TidBITS, Glenn Fleishman probes mysterious cellular data usage occurring on iOS 6 devices; Apple removes "the most beautiful, powerful mapping service ever" from Maps description on Apple.com; InformationWeek's Eric Zeman reviews his iPhone 5 experience, while Mark Crump provides a view of the iPhone 5 from a photographer's perspective, and over at iDownload Blog, Sebastien Page presents a course on B&W iPhone photography. Friday Highlights: Tim Cook apologizes to customers for Map errors, says Apple doing everything they can to make it better, in the mean time he recommends Bing, Waze, others as alternatives?numerous reports in our Apple/Macintosh, and Op/Ed sections, Jonny Evans believes the message hints that Apple is working to make their mapping service best in the world, not just better; Chris Ciaccia at The Street calls the apology a grand slam saying "no company on Earth...knows how to spin a negative story into good positive vibes better than Apple"; Tim Bajarin says the real reason Apple jettisoned Google Maps had to do with giving valuable customer data to Google, which would help Android; iPhone 5 available for sale in 22 countries starting today; Macworld reviews Parallels Desktop 8, VMware Fusion 5; US Air Force uses iPads saving more than $5 million/year; court in China says Apple must pay $82,000 to encyclopedia company due to App Store piracy; report says iPhone 5 prices are least in United States, most in Italy; ABC News report on TSA official theft of iPad; Sharp says they are not the cause iPhone 5 shortages, pumping out "adequate volumes of display[s]"; TechInsights analysis of A6 chip; Macotakara blog posts mock-up of apparent iPad mini; San Jose Mercury News's Larry Magid reviews iPhone 5, says is "a worthy upgrade, but nothing to get excited about"; however, Dwight Silverman at the Houston Chronicle is "even more sold on it" now that he's tested his iPhone 5 with LTE finding a big difference from pre-LTE iPhones; Mactuts+ shows you how to upgrade RAM in your MacBook Pro; Mac OS X Hints has a tip that could solve WiFi woes on your iPhone, as well as a tip to arrange icons on your Apple TV menu; New York Times's J.D. Biersdorfer answers reader question on asking Siri questions the right way. WEEKEND BLOWOUT: Every NEW or RENEWING paid subscriber receives 2 YEARS FREE.... | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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