Posts by driftinghawk14

2 posts shown.

Starting an LLC: Where to begin? in Business, Accounting & Taxes · Jun 4, 2006

Kenneth Myers10 said:As for taxes—your guess is as good as mine.
Regarding the price—it’s whatever you both agree on. If you can't reach an agreement, there's no deal. You can't legally force anyone to buy or sell at a price they aren't happy with.😎

I wasn't actually looking to pressure anyone into buying; I was just wondering about the logistics. Once we settle on a price for, say, 100% of the company, how does the cash move from the LLC sale into my personal bank account? And will the IRS be breathing down my neck about taxes?😕

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Starting an LLC: Where to begin? in Business, Accounting & Taxes · May 30, 2006

jadesailor14 said:A current LLC can set up a second one, basically a subsidiary.
That second entity acts as its own legal person, with its own tax ID, bank accounts, and so on. The management and directors could be the same people or entirely different folks.
They’re just linked through ownership.

How does one sell an LLC to another LLC? Does it require an appraisal from an independent evaluator—and if so, who handles that?
Also, what's the tax situation on that sale? Does the buyer or seller pay, and what percentage are we talking about?

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