Questions For Filing MN State Investment Club, LLC Partnershi...
bandplang on
Rip, thanks for your prompt response and for your support to
questions from the bivio community. Lynn, thank you for the conversation
last Saturday and for pointing me in the right direction.
Butch Lang
Rosemount, MN
In a message dated 4/18/2011 8:55:44 A.M. Central Daylight Time,
ripwest@comcast.net writes:
Hi Butch,
<<These questions may be best answered by Rip.>>
It's been many years since I belonged to a Minnesota investment club, so
my experience is limited, but I'll give it a shot. Lynn can chime in and
correct me if I am wrong.
1. Yes, just file the M3 header, along with a copy of the complete
federal 1065, including federal K1s.
2. Since you deal with investment income, my belief is that non-MN
residents do not owe any MN taxes and therefore, there should be no
issues.
3. In line with my answer to 2., you don't have to file the KPI or
KPC.
4. If the Canadian citizen has a federal tax ID, he can be a
member.