Legal Question in Business Law in California
Limited Liability Partnerships
My husbands father wants his sons/daughter to create a Limited Liability Partnership to invest money that he currently has in diamonds. I would like to know what this means for my husband. Is he or any of his family responsible to pay taxes on the money from the diamonds? Does the government or anyone else question where the money came from? My husband & I do not understand what a Limited Liability Partnership is.
We are especially concerned because we can not be sure where the money for the diamonds came from, but have been told that it he has put some money from his business, which is now shut down, into diamonds every year.
1 Answer from Attorneys
Limited Liability Partnerships
Based on the information provided, a LLP (Limited Liability Partnership) is not available for you.
Currently the LLP is only recognized for Attorney firms and CPA's. You will needto discuss the matter further with an attorney. Also, the purpose of creatinga corporation or LLP is to limit LIABILITY from a possible lawsuit. I am unclear what are your objectiveshere. Also, please be advised that the IRS is notified whenever any amount of CASH is deposited that is over $10,000.00
The question of where the money came from is extreemly troubling. This question needs to be solved prior to any further actions on anyones part.
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