Midtowner is official

[NE Oasis]

Make a joke if you must (keep it nice, and remember you may need his services some day) , but take a moment to recognize the commitment and accomplishment in completing law school AND passing the bar first time out.
Way to go Midtowner!

[El Gato Pollo Loco!!!]

Congrats Midtowner!

[Martin]

congratulations! -M

[OKCMallen]

Congratulations, counselor.

[kevinpate]

Hey mid, I suppose the folks at your office have already told you about the time honored tradition of the new admittee buys the first round, right?

Congrats again sir.

[Midtowner]

Thanks all.

[Karried]

Congratulations Mid!!!! Awesome job!

[HVAC Instructor]

Congratulations! You have made it to the end of one long challenging road, and headed onto the on-ramp of life adventures in the law.

Any public defender or pro bono time planned for the future after you earn back your tuition?

[PennyQuilts]

Congratulations, friend!! Have you looked at your bar number about a zillion times with happiness? Enjoy - you earned it.

[CCOKC]

Congratulations to you. I remember the day I found out I had passed the CPA exam and I had no one to share the news with but my one week old baby girl. She didn't care much. Is the internet great? You get to share your news with lots of people.

[Midtowner]

Thanks all!

All these lawyers and CPAs here... hell.. I might as well ask.

Has anyone done an LLC's tax distribution so that the Manager had sole discretion over how the dividends were distributed (i.e., owning shares means nothing), but the tax liability for those distributions was allocated with the distributees (rather than by the members' pro rata shares)??

Every single form I have allocates both the profit distributions and the tax liability according to pro rata shares and I want nothing to do with that.

[ronronnie1]

Thanks all!


Has anyone done an LLC's tax distribution so that the Manager had sole discretion over how the dividends were distributed (i.e., owning shares means nothing), but the tax liability for those distributions was allocated with the distributees (rather than by the members' pro rata shares)??

Every single form I have allocates both the profit distributions and the tax liability according to pro rata shares and I want nothing to do with that.

Profit and dividend allocation is completely up to the owners on how they want them distributed. The income passed down to the shareholders is simply taxed individually. Be careful with dividend distribution though because too much payout means a return of investment (not return on investment), and the tax situation can get murky.

Oh, and congratulations on passing the bar. See, I'm not that horrible (fingers crossed.)

[Midtowner]

Profit and dividend allocation is completely up to the owners on how they want them distributed. The income passed down to the shareholders is simply taxed individually. Be careful with dividend distribution though because too much payout means a return of investment (not return on investment), and the tax situation can get murky.

True enough, but the smart Manager is going to have an Operating Agreement which clearly states how those profits are going to be allocated and how the tax liability is going to be allocated. LLCs are taxed like partnerships meaning that absent some other agreement, tax liability, profits and losses are supposed to be paid out according to the members' pro rata shares. That's what you do in 99% of cases and that's why I'm having a devil of a time doing what I want to do.

[bandnerd]

It's all work with you, isn't it, Mid?

Congrats, my dear. Time to celebrate!

(not to mention, perhaps I deserve some congrats for putting up with him this whole time? Ha!!!!)

[PennyQuilts]

It's all work with you, isn't it, Mid?

Congrats, my dear. Time to celebrate!

(not to mention, perhaps I deserve some congrats for putting up with him this whole time? Ha!!!!)

I hope he has told you that just about every PM he and I have had has included my pointing out that YOU have been the one doing the heavy lifting!! Congratulations and a job well done to you, as well!

[bandnerd]

I hope he has told you that just about every PM he and I have had has included my pointing out that YOU have been the one doing the heavy lifting!! Congratulations and a job well done to you, as well!

You're joking, right? Not a word. Mid's not one to share the limelight

[PennyQuilts]

You're joking, right? Not a word. Mid's not one to share the limelight

I tell you true. Surely he took my advice to appreciate you even if he didn't say anything!

Hrmph. Typical self absorbed law student. I remember it well... It gets better. In about three years, he will start thinking straight, again.

[oneforone]

It's all work with you, isn't it, Mid?

Congrats, my dear. Time to celebrate!

(not to mention, perhaps I deserve some congrats for putting up with him this whole time? Ha!!!!)

Sweetheart..... You put up with him and your a school teacher. You have my congratulations, my sympathy and my utmost respect. LOL

Congratulations Midtowner, you have my utmost respect as well anybody who as works hard you did to achieve their dreams is a hero in my book.

Few people realize that a little blood, sweat and tears and a lot of hard work will always payoff. Sitting around waiting for someone to fix your sitution just leads to a lot of sitting around waiting.

[kevinpate]

Mid,

I've no clue as to the answer on your Q, but I can dang sure point you to those who do.

Now that you are licensed and have your number, join oba-net.org, a lawyers only forum provided through OBA. Your Q would fit well there and you most likely will get a solid answer. Also, long timers there enjoy seeing new members show up.

[PennyQuilts]

Mid,

I've no clue as to the answer on your Q, but I can dang sure point you to those who do.

Now that you are licensed and have your number, join oba-net.org, a lawyers only forum provided through OBA. Your Q would fit well there and you most likely will get a solid answer. Also, long timers there enjoy seeing new members show up.

I've been meaning to join that, too.

[kevinpate]

And yes, congrats to bandnerd too. Married folk don't tend to get through very well without their better half's willingness to put up with a lot
8^)

[kevinpate]

Well, you're a teach. Get him a blackboard, some chalk and have him stay after school and write lines
8^)

[bandnerd]

Ah yes, my own little Bart Simpson.

[kevinpate]

could be worse, coulda married Milhouse

[dcsooner]

Congratulations, Midtowner!!!