USA Negative capital in llc.


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Have a llc with negative capital but have basis due to notes payable. Want to convert to C Corp . That means tranferring in more liabilities than assets. Are they taxed on both the negative capital and the excess of debt over assets?
 
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kirby

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Before proceeding, check with an atty to see if your state will allow a C corp application where the capital is negative.
 

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