Midtowner is official

[Doug Loudenback]

Congratulations from me, too, my friend (and his wife whom I've not met). Way to go!

[bluedogok]

Congrats Mid

[kmf563]

Yah! Congrats to you!! And good luck with putting that officialness to good use!!

[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.

[Patrick]

Congrats! As a fellow professional, I know how gruelling the road is to getting that doctorate! Fine work! And kuddos to bandnerd for being your support system.

[Midtowner]

Congrats! As a fellow professional, I know how gruelling the road is to getting that doctorate! Fine work! And kuddos to bandnerd for being your support system.

Thank you sir.

[Midtowner]

(and his wife whom I've not met).

We must remedy this.

[mugofbeer]

Congratulations from me too. I don't know you but its always good to see OK's making something of themselves while IN OK.

[jbtulsa77]

Sorry, what are we congratulating him on?

Yes, to all those who want to make fun of me, I am clueless on this.

[SoonerDave]

Major congrats, Mid, from someone who considers law one of his "paths not taken..."

[Patrick]

Sorry, what are we congratulating him on?

Yes, to all those who want to make fun of me, I am clueless on this.

He passed the bar!

[kevinpate]

jbtulsa77,

Mid and a few other folks were sworn in as a licensed attorney this week.

[DaveSkater]

Good job!

[gmwise]

Bows in admiration and suspicion.. lol

[Easy180]

Money makin time!

Congrats Mid

[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.

[metro]

Congrats on your achievement, however can we call you Hefner or just "Hef" now that you've moved to Lake Hefner area from MidTown?

[Midtowner]

"Hef"?

-- do like..