LYCOS RETRIEVER 
Llcs
built 215 days ago
In determining its net income subject to tax under § 2, the parent must take into account its disregarded LLC’s income, loss, deduction, and credit. In such a case, as a separate taxpayer, any disregarded LLC that is taxable in Massachusetts must file Form 63FI and pay the minimum excise imposed upon financial institutions under G.L. c. 63, § 2(a).
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To summarize, even if SMLLCs do not offer the same charging order protection as multiple-member LLCs, they can still be very valuable business planning vehicles. Certainly, it is preferable from a liability standpoint to own one’s business in a SMLLC than to run it as a sole proprietorship. But of course, where external liability is a concern and it is feasible to add another member, that should be done so that charging order protection arises.
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LLCs provide greater management flexibility than do corporations. For instance, corporations are required to have a formal structure with directors and corporate officers. LLCs are simply run by the members and/or managers.
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Whenever feasible, it is important to use separate LLCs with each investment property. Investors should avoid “putting all their eggs in one basket.” The judgment liens from one LLC may not be enforced against the assets of another LLC. This usually insulates assets and prevents cross-liability.
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LLCs are useful for estate planning. This is due to the ease with which funds can be transferred from one generation to the next. For instance, say a parent owns an LLC holding real estate and wants to transfer some or all of this to his two children on a tax-favored basis. Using the annual gift tax exclusion ($12,000 per recipient in 2007), he makes gifts of interests in the LLC to them each year with no transfer tax cost. The value of these interests for gift tax purposes is less than the allocable value of the underlying assets, effectively allowing more to be transferred tax free.
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