Tax benefit for a club if registered in NY Vs Florida

Gary Henricksen on

We are incorporated in New Hampshire but have a member who moved to Maine, which has a personal income tax.

Will we need to file in Maine?

On Sun, Mar 9, 2025 at 3:34 PM Anat Benjamin via bivio.com <user*22119300001@bivio.com> wrote:

My club has members living both in NY and/or Florida.
Is there a tax advantage to using a Florida address for the
club vs New York. Is there a tax benefit to the club
members?

ira smilovitz on

No. Only clubs based in ME that meet certain criteria have to file a state return.

Ira Smilovitz

On Mon, Mar 10, 2025 at 11:51 AM Gary Henricksen via bivio.com <user*32968100001@bivio.com> wrote:

We are incorporated in New Hampshire but have a member who moved to Maine, which has a personal income tax.
Will we need to file in Maine?

On Sun, Mar 9, 2025 at 3:34 PM Anat Benjamin via bivio.com <user*22119300001@bivio.com> wrote:
My club has members living both in NY and/or Florida.
Is there a tax advantage to using a Florida address for the
club vs New York. Is there a tax benefit to the club
members?

Michael Peachey on

An "incorporated" entity with a "member" sounds odd. Are you certain about those two words in this context? It might be relevant when thinking about taxes.

Gary Henricksen on

Thanks

On Mon, Mar 10, 2025 at 1:07 PM ira smilovitz via bivio.com <user*2883400001@bivio.com> wrote:

No. Only clubs based in ME that meet certain criteria have to file a state return.

Ira Smilovitz

On Mon, Mar 10, 2025 at 11:51 AM Gary Henricksen via bivio.com <user*32968100001@bivio.com> wrote:
We are incorporated in New Hampshire but have a member who moved to Maine, which has a personal income tax.
Will we need to file in Maine?

On Sun, Mar 9, 2025 at 3:34 PM Anat Benjamin via bivio.com <user*22119300001@bivio.com> wrote:
My club has members living both in NY and/or Florida.
Is there a tax advantage to using a Florida address for the
club vs New York. Is there a tax benefit to the club
members?

ira smilovitz on

Michael,

Those words were chosen carefully. It is possible to have a corporate partner in a partnership. While it is extremely unlikely in the context of an investment club, it has happened in the past. Since most investment clubs have partners who are individuals, revocable trusts, or occasionally estates of deceased members, filing in FL wouldn't be an issue.

Ira Smilovitz

On Mon, Mar 10, 2025 at 1:27 PM Michael Peachey via bivio.com <user*41402400001@bivio.com> wrote:

An "incorporated" entity with a "member" sounds odd. Are you certain about those two words in this context? It might be relevant when thinking about taxes.

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