 You are invited
to attend the
April 2005 Membership
Meeting
| WHEN: |
Thursday, April 21, 2005 |
| WHERE: |
Matterhorn Restaurant, Elkhart |
| TIME: |
11:30 AM |
| COST: |
$8.50 for Affiliates & Guests |
| PROGRAM: |
LLC's and the Benefits |
| SPEAKERS: |
Paul Eash, Attorney at Law and David Culp, CPA |
| Limited Liability Companies - Certain Advantages for Real Estate Matters
A limited liability company (LLC) provides the same benefits as a regular corporation, whether a C or S corporation, in sheltering the owners of the LLC from personal liability. As long as the LLC has adequate assets and/or insurance, an owner of an LLC cannot be exposed to personal liability as the result of a claim or lawsuit arising from conduct performed by the LLC in its course of business.
An LLC is easier and less complicated to form and maintain than a corporation, and an LLC has flexibility in regard to tax matters that a corporation does not have.
Income Tax Considerations for Limited Liability Companies in the Real Estate Community:
1) Taxation of single owner and multiple owner (member) LLC’s.
2) Distinction between actively participating and passive members and taxation of each.
3) Election to be taxed as a corporation.
4) Conversion of LLC to a proprietorship.
Other considerations in comparing LLC entities to corporations and proprietorships. RESERVATIONS ARE A MUST FOR BOTH REALTORS® AND AFFILIATES! Please call the Board Office, 875-3283 or drop us an email at members@ecbor.com to let us know if you plan to attend. Thank you. |
MOLD.ARE YOU EDUCATED?
Mold is a topic of concern for all real estate agents. We want to give you some links so you can be better informed on what is happening in this area.
http://www.health.state.mn.us/divs/eh/indoorair/mold/index.html#intro
WHAT DOES THE EPA SAY?
http://www.epa.gov/iaq/molds/moldguide.html#Why%20is%20mold%20growing%20in%20my%20home
We also want to advise you the Board received a letter from the Health Department that read as follows:
"It has been brought to the attention of the Elkhart County Health Department that some realtors may be purchasing short-term radon test kits from our office and using the results for real-estate transactions. The ECHD does not intend for the radon test kits to be used in this manner. We are offering these kits for the homeowner's usage only. According to the Indiana State Code 410 IAC 5.1 concerning radon, a Certified Radon Tester and Mitagator will need to be hired for any further radon investigations, including real-estate transactions.
We would greatly appreciate it if you could aid us in communicating this with the Realtors® of Elkhart County. Offering these radon test kits allows the homeowner's an inexpensive way to determine if and at what level they might be exposed to radon gas within their home. We would like to continue this service to help educate Elkhart County residents on the potential health threat of radon gas."
Realtors® who have questions can contact Carrie Brunson at 875-3391 Monday through Friday.
Also, please be advised the real estate commission is considering adding language to address the mold situation. This means the Board will be changing their Seller Disclosure to accommodate the change when it happens.
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