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Accounting. Audit and Tax
 CPAnet Forum : Accounting. Audit and Tax
Subject Topic: LLC Family Investment (Topic Closed Topic Closed) Post ReplyPost New Topic
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Joined: 21 May 2016
Location: United States
Online Status: Offline
Posts: 1
Posted: 21 May 2016 at 14:12 | IP Logged  

I have a client whose purchased a piece of property. This was purchased strictly for personal usage. He has a mortgage on it and has incurred some rather large expenses during Year 2015.   His attorney formed a LLC as a Family Investment.     

Is this the right form of business? They will never show income only expenses. Is it okay to handle this way?

Thank you for any assistance. I am a sole proprietor and I have no one to bounce questions off of.

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