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A comment on “I got an email from Chase saying that all our assets are frozen”. Parent comment

Re:“I got an email from Chase saying that all our assets are... by sliverstorm on Monday January 26, 2015 @07:28PM (#8950584)
you are liable for the taxes on the profits on your share of the ownership regardless of whether or not you see any of it

Can you explain?

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Re:“I got an email from Chase saying that all our assets are... by dragonwriter on Monday January 26, 2015 @07:35PM (#8950609)
IIRC, an LLC can either be separately taxed or a pass-through entity; in the latter case, the LLC members each pay taxes on their share of the LLC's taxable income. This is true even if all of the income is retained in the LLC.
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