We are a 2 person investment club formed as a general partnership in PA. The club is domiciled at the one partner's current residence in PA, however, as of Jan 1, 2022, this member will no longer reside in PA.
To avoid the mess of changing the club to a new state, is it possible to change the address of the club to another address in PA and continue to file taxes as usual (after updating the IRS and State of the new address) even though no members will reside in PA? The new address will be of a family member of either myself or my partner. We will of course plan to send in our personal tax requirements to the respective states we live in as per usual.
Thank you for your insight on this and hopefully this is an easy change for us.
Regards,
Marc
Nyce and Maurizi Investment Partners
Laurie Frederiksen on
This is a legal issue, not an accounting one.
You are required to report correct information on your tax filings. I don't think that using an address that is not the true address for the club would meet that test.
Your question is one you need to ask a lawyer.
Laurie Frederiksen Invest with your friends! www.bivio.com
We are a 2 person investment club formed as a general partnership in PA. The club is domiciled at the one partner's current residence in PA, however, as of Jan 1, 2022, this member will no longer reside in PA.
To avoid the mess of changing the club to a new state, is it possible to change the address of the club to another address in PA and continue to file taxes as usual (after updating the IRS and State of the new address) even though no members will reside in PA? The new address will be of a family member of either myself or my partner. We will of course plan to send in our personal tax requirements to the respective states we live in as per usual.
Thank you for your insight on this and hopefully this is an easy change for us.