Connecticut

Ajay Sareen on

Hi,

When I filed for the EIN, the address for the club was a
Connecticut address. Three questions:

1. Do I need to register the club with the State of
Connecticut?

2. Are there any tax forms that need to be filed with the
State of Connecticut?

3. If yes to 2 above, does bivio provide CT state forms?

Thanx

Ajay Sareen

iras1 on

In a message dated 02/11/09 12:05:28 Eastern Standard Time, ajaysareen@bivio.com writes:

Hi,

When I filed for the EIN, the address for the club was a
Connecticut address. Three questions:

1. Do I need to register the club with the State of
Connecticut?

Probably. In fact, you probably needed to register with them first in order to secure use of the name you are operating under.

2. Are there any tax forms that need to be filed with the
State of Connecticut?

Possibly CT-1065/CT-1120SI. The instructions state that all pass-through entities that do business in CT or has income derived from or connected to sources within CT must file. There are those that will claim that an investment club doesn't do business and that its income is sourceless, but I don't know how CT feels about that.

3. If yes to 2 above, does bivio provide CT state forms?

No.

Ira Smilovitz

Ajay Sareen on

Thanx, Ira......

One more topic: I paid for the bivio subscription on my
credit card. How should that be treated? Does the entire
expense go against the club gains/losses and then the other
members write me a check for their portion?

Ajay Sareen

> Hi,
>
> When I filed for the EIN, the address for the club was a
> Connecticut address. Three questions:
>
> 1. Do I need to register the club with the State of
> Connecticut?
>
> Probably. In fact, you probably needed to register with them first in order to secure use of the name you are operating under.
>
> 2. Are there any tax forms that need to be filed with the
> State of Connecticut?
>
> Possibly CT-1065/CT-1120SI. The instructions state that all pass-through entities that do business in CT or has income derived from or connected to sources within CT must file. There are those that will claim that an investment club doesn't do business and that its income is sourceless, but I don't know how CT feels about that.
>
> 3. If yes to 2 above, does bivio provide CT state forms?
>
> No.
>
> Ira Smilovitz

iras1 on

Either have the club (not the members) write you a check for the $99 or follow the suggestion in "the One Minute Treasurer" of awarding yourself an additional $99 worth of units. You do that by entering a deposit of $99 into a new account called "out of pocket expense". Then you enter an expense for $99 for bivio subscription and "pay" it from the "out of pocket expense" account.

Bottom line, all club expenses should be shown on the books. You don't want members writing checks to each other for club expenses.

Ira Smilovitz

In a message dated 02/11/09 13:06:29 Eastern Standard Time, ajaysareen@bivio.com writes:

Thanx, Ira......

One more topic: I paid for the bivio subscription on my
credit card. How should that be treated? Does the entire
expense go against the club gains/losses and then the other
members write me a check for their portion?

Ajay Sareen

> Hi,
>
> When I filed for the EIN, the address for the club was a
> Connecticut address. Three questions:
>
> 1. Do I need to register the club with the State of
> Connecticut?
>
> Probably. In fact, you probably needed to register with them first in order to secure use of the name you are operating under.
>
> 2. Are there any tax forms that need to be filed with the
> State of Connecticut?
>
> Possibly CT-1065/CT-1120SI. The instructions state that all pass-through entities that do business in CT or has income derived from or connected to sources within CT must file. There are those that will claim that an investment club doesn't do business and that its income is sourceless, but I don't know how CT feels about that.
>
> 3. If yes to 2 above, does bivio provide CT state forms?
>
> No.
>
> Ira Smilovitz

Mail