[WSBAPT] Family Cabin LLC

[Mike Winslow]

Recently discussing with a CPA, whom I greatly respect, the ramifications of
using LLC to own family cabin, in order to create succession plan and to
address ongoing collection of money to cover operation expenses.
The CPA states that if an entity is formed under state law, the IRC requires
filing of a tax return, even if there is no profit motive for the
organization and no net income. The cost of preparing a partnership tax
return runs a $1000 or better in my county, so this is no small expense.
 
Any info to contrary, or way around this requirement?
I have already considered a trust, but I think that too would require filing
a return, and it is not as useful of an ownership vehicle.
 
 
Michael A. Winslow
1204 Cleveland Ave.
Mount Vernon, WA 98273
Ph. 360-336-3321
Em. Mike at winslegal.com
 
This message is from an attorney, so it's confidential. If you are not the
intended recipient, it's too late to stop reading this message, but you may
not use it for any improper purpose. Huge Disclaimer available upon request.
 
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