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  • I own a law firm structured as an s-corp where over 80%of the value of the firm is goodwill. I plan to sell to the associates for about $500,000 paid out over ten years ($50K per year). I started the firm myself about fifteen years ago, making the basis zero.When I started the firm it was an LLC. We switched to S corp on Feb 1, 2010. I am the only shareholder. I will stay on as a consultant for four years drawing a salary of $65K the first year,$ 55K the second $23K the third and $19K the fourth year. Presume I have no other income. I am head of household. I am very confused about whether the sales price is ordinary income, capital gains taxed at 0%, capital gains taxed at 15% or capital gains taxed at 28%.
  • I am planning to convert my stationary busniess into LLC, is it possible?
  • I am CA and my friend is lawyer and we are planning to form professional LLC, need to know two people are sufficient to form LLC?
  • AS per Us Taxation laws which tax bracket do LLC fall into, what is the maximum marginal rate of tax applicable to it?
  • My Sister and I own a business together. We are both 50% members of the LLC we own. Our business involves creating designs for the webpage and running them and earning income through ads. We pay ourselves no salary and have made no "profit" for the last year (After expenses). We are both young and have only filed one tax return before and that was at the lowest possible tax bracket. If we sell our business for $2 million will we have to pay capital gains tax? The long term rate is 0% for people in the 10-15% marginal tax bracket until 2011 - and since we don't pay ourselves and earn no income elsewhere wouldn't we be in the 10-15% marginal bracket?
  • Do I need a lawyer to form an LLC in England ?


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