Nebraska Secretary of State’s Office Will Now Accept Amended Biennial Reports at Any Time

Effective July 18, the Nebraska Secretary of State’s office will allow Nebraska LLCs to correct or amend their biennial reports at any time. As a result, LLCs will be able to update public records containing their business addresses more easily. The fee to amend or correct the LLC’s biennial report is $10.00. If your business has changed locations since your last biennial report was filed, you may wish to take advantage of the new amendment rules.

© 2014 Parsonage Vandenack Williams LLC

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What Is an LLC and Why Should I Form One?

An LLC is a limited liability company and forming a limited liability company is basically to run a business out of or to own real estate or some other type of property. So if you are going into business or you are buying property as an investment, an LLC is one type of entity that you could look at forming, along with a corporation or a partnership. The pros and cons of those different business entity types are numerous, so you really have to get good counsel to make those decisions.

© 2014 Parsonage Vandenack Williams LLC

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LLC Owned by Married Couple Generally Not Treated as Disregarded Entity

If an LLC is owned solely by a married couple who file their taxes jointly, the question may arise whether the husband and wife can be counted as one member allowing the company to be treated as a disregarded entity?  This would be beneficial because it would eliminate the need for separate federal and state tax returns for the company.  While there are instances where a husband and wife are counted as one (i.e. in S-corporations), this rule is not applicable towards Nebraska LLC’s.  An LLC solely owned by a married couple will by default be taxed as a partnership and the company will be required to file separate federal and state income tax returns.

© 2012 Parsonage Vandenack Williams LLC

For more information, contact info@pvwlaw.com