Friday, April 16, 2010

No tax return required to be filed when the LLC has less than 600.00

In response to George:

No, there is no tax return required to be filed when the LLC has less than 600.00 in
annual income.

So, if there is only real estate in the entity and no income is produced, no tax return required!

Wednesday, February 3, 2010

Using Cottage-Law to Change the Relationship of Family Cottage Owners

The Penning Group cottage succession planning attorneys identify each unique requirement of your cottage property. The best way to protect and save the family cottage for future generations is to change the relationship of family cottage owners from direct ownership to indirect ownership.

Cottage Succession Planning

Cottage Succession Planning honors underlying emotions and feelings of your family memories.

Cottage Succession Planning is a legal planning process specific to the unique requirements of family cottages and other types of vacation properties to protect the family cottage for use and enjoyment by future generations.

When owners of vacation properties and family cottages have a cottage succession plan in place heirs avoid common real estate law surprises.

The expert cottage-law attorneys of The Penning Group work with you to develop a flexible cottage succession plan which will move your family cottage away from the hazards of 600-year-old real estate laws to within the protection of entity laws.

Cottage Succession Planning legally protects the family cottage and avoids the crisis of saving the family cottage when problems arise.

At the heart of a successful cottage succession plan is the Cottage Operating Agreement. The Cottage Operating Agreement contains the cottage rules and defines each aspect of how the cottage will be operated, how expenses will be handled, and most importantly, a schedule for the shared use of the cottage by family members. A succession plan works to preserve peace in families with a plan for the harmonious sharing of the family cottage in multi-generations of families.