Llc Member Tax Liability

Summary

As a minority member of a Connecticut LLC, your tax liability does not automatically end with the receipt of a final Schedule K-1. The operating agreement and Connecticut state laws govern your responsibilities. If the operating agreement is silent, state default rules apply. You may still be responsible for tax liabilities incurred during your membership period, and amending prior tax returns might be necessary. For precise guidance, consider consulting a local tax attorney or contacting the Connecticut Superior Court.

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CT
Thank you for providing that information. Here are some general points that might help you understand your situation better:
- In Connecticut, as a minority member of an LLC, your share in the tax liability or credit depends on the operating agreement and your percentage ownership.
- Post-final Schedule K-* adjustments may need to be addressed by amending previous tax returns.
For more detailed information, consider contacting a local tax attorney or the following court:

Connecticut Superior Court


Phone: (*) *-*
Address: * Washington St, Hartford, CT *
Website: www.jud.ct.gov

Do you have any more specific questions about your situation?
Does liability end at
Could you clarify what you mean by "Does liability end at"? Are you asking if your liability ends at a certain date, with the final Schedule K-*, or in another context? This will help provide more precise information.
Does liability end when a final k1 is received
In Connecticut, receiving a final Schedule K-* does not necessarily end your liability for any prior-year underpayments or adjustments. Here are some key points:
- Liability depends on the LLC's operating agreement and specific state laws.
- Amending prior tax returns might be necessary for adjustments.
For precise guidance, you might consider consulting with a local tax attorney.
Do you have any other specific concerns regarding your situation?
The operating agreement does not address this
In the absence of specific guidance from the operating agreement, your liability may still be influenced by Connecticut state laws and your percentage ownership in the LLC.
Key Points:
- Liability does not automatically end with the final Schedule K-*.
- State laws and prior tax return amendments may apply.
Would you like further details on state laws regarding LLC member liabilities?
Yes for CT
Here are some general points about LLC member liabilities under Connecticut state laws:
- **Connecticut LLC Act**: State laws govern the rights and obligations of LLC members, including liabilities.
- **Operating Agreement**: Even if it doesn't address this issue, state default rules apply.
- **Tax Liability**: Members may still be responsible for tax liabilities incurred during their membership period.
For precise guidance, consider contacting a local tax attorney or the following court:

Connecticut Superior Court


Phone: (*) *-*
Address: * Washington St, Hartford, CT *
Website: www.jud.ct.gov

Do you need more information on Connecticut's LLC laws?