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Accounting & reporting requirements for small LLCs?


onlycw

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We bought a LLC from an American and a Thai. Each sold 50%. They hadn't filed in years.

Q1: what kind of a penalty can I expect?

Q2: who pays to report the sale?

Q3: do we need an auditor or CPA for the tax returns? Would a corporate accountant with 3 degrees suffice?

Thanks,

Chris

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