California LLC partnership filing taxes for the first time

[mrtibs]

Hi,

My business partner and I registered a LLC in California last year. I'm currently filing my taxes and I would like to know if I'm missing something. Here's what I have so far:

1. Form 1065 by April 15, 2010 (http://www.irs.gov/pub/irs-pdf/f1065.pdf)
2. Form 3522 by April 15, 2010 (http://www.ftb.ca.gov/forms/2010/10_3522.pdf)
3. Form 568 by April 15, 2010 (http://www.ftb.ca.gov/forms/2009/09_568.pdf)

Am I missing anything?

Thanks,
Tiberiu

[Evan]

That looks about right... Of course you should probably seek a qualified tax professional to prepare your taxes for the first year.

Don't forget that for the Federal 1065 that there are K-1's which need to be issued as well for each partner reporting his/her share of income. California probably has a similar form.

There may also be some federal and state tax differences. I assume you will know all of these, as you are filing a return indicating you do :)

[mrtibs]

Hi Evan,

Thanks a lot. My mom's friend is a tax accountant but in a different state. I don't have any income for 2009, so I didn't have a K1. Even though she prepared my taxes, she doesn't know which actual forms should be submitted for CA.

Again, thanks for your answer.

Tiberiu

[Evan]

She's a tax accountant, and doesn't know what forms are to be submitted to CA? Oh boy.

You would still have a K-1, even if you have no income.

I'd also use a professional software program to generate the tax forms, unless you know what forms are to be filed. It would produce the necessary forms (and, often time, more forms than are needed.)

[alfromla]

I would really hire someone to do it for you so your LLC is formed correctly. One of my old businesses we did it online and when we got sue we realized there was still many personal liabilities attached to our LLC because we didnt form our LLC the proper way.