Thank you for your answers to my questions!

I will register the club in VA. I want to make sure that I
understand. So, I will try to summarize:

1> for New York, all non-NY resident members require to file
in NY. But, non-NY resident members are not paying taxes in
NY, right? I am assuming that NY is only collecting
information, not to collect taxes from non-NY resident
members...

2> for New Jersey members, since I will be registering the
club in VA, I am assuming that NJ members do not have to pay
the annual fee of $150/partner. And, unlike NY, non-NJ
resident members do not required to file in NJ.

3> for Virginia, non-VA resident members do not require to
file in VA.

Am I correct with the above summary?

I think it would be great if bivio provides forms for local
members in their future application.

Thanks again!
richard

IraS1@aol.com wrote:
> >>I have members who will join the club from VA, NJ, and
> NY.
>
> >>I read in the "Investment Club for Dummies" book that NY
> and
> Missouri requires annual filing of tax along with
> registering the
> club, more restrictive than other states.
> This book recommends to register
> the club in the more
> restrictive state in order to prevent doubling the
> paper
> work.
>
> Forget whatever you read in a book when it comes to taxation. The only way
> to know what is what is to contact each state and even then you may not get a
> clear answer.
>
> You will have to file in NY no matter where you register the club, if you
> have members who are NY residents. The filing requirements are slightly
> different if the club is NY based vs. non-NY based, but the form is generally
> very easy to complete for an investment club.
>
> NJ requires resident clubs not only to file a return, but in certain cases
> to pay an annual fee of $150/partner. You do not want to register your club in
> NJ. Nonresident clubs do not have to file in NJ.
>
> VA just this year said that all partnerships would have to file a VA
> partnership return (I forget the form number), but at the last minute passed an
> exemption for investment clubs. I don't know whether the exemption was for 2004
> only or is likely to remain for the future.
>
> I live in VA. Should I take their recommendation and
> register
> the club in NY? Or do I need to find out more and
> learn about this
> issue? Also, does bivio auto-create
> necessary tax forms for NY
> members? I heard that NY
> requires additional tax forms. How about
> VA and NJ?
>
> If you live in VA, and you are creating the club, that's where I would
> register it. Bivio does not generate any state tax returns (at least through tax
> year 2004). I doubt that they have decided (ok, they may have decided, but they
> haven't announced) what their plans are for 2005.
>
> Ira Smilovitz