Kiritsis & Associates



Law Offices of Kiritsis & Associates

212 922 0005

Author: John Kiritsis, Esq., CPA, MBA, MS, JD, LL.M


Dealing with tax issues in a limited liability company (LLC) operating agreement is important to ensure that the business is structured in a way that minimizes tax liability and complies with applicable laws and regulations. The operating agreement should address the following tax-related issues:


Tax classification: The operating agreement should specify how the LLC will be taxed, either as a partnership, an S corporation, or a C corporation. This will determine the method of taxation and the obligations of the members in terms of reporting income and paying taxes.


Allocation of taxable income: The operating agreement should specify how taxable income will be allocated among the members, and how this will be reflected in their individual tax returns.


Distributions: The operating agreement should specify when distributions will be made and the method for calculating the amount of the distribution. This information is important for tax purposes, as distributions may be taxed as ordinary income or capital gains, depending on the specific tax classification of the LLC.


Capital contributions: The operating agreement should specify the amount and timing of any capital contributions made by each member, as these contributions may have tax implications.


Tax elections: The operating agreement should specify if the LLC will make any tax elections, such as electing to be taxed as an S corporation, and who will be responsible for making these elections.


Record-keeping and reporting: The operating agreement should specify the responsibilities of the members and the LLC in terms of keeping accurate records, preparing and filing tax returns, and reporting taxable income and distributions to the appropriate tax authorities.


By addressing these tax-related issues in the operating agreement, the LLC can minimize tax liability and ensure that it is operating in compliance with applicable laws and regulations. It's important to consult with a tax professional to ensure that the operating agreement meets the specific tax needs and requirements of the business and its members.




New York Business Corporation Law

New York Limited Liability Company

New York General Obligations Law

NYS Office of Professions

U.S. Constitution


Whether you are a new business startup or a well-established company, our law firm can help you with all of your business law legal needs. For a free consultation, you can call us at 212 922 0005.


Law Offices of Kiritsis & Associates

Phone # 212 922 0005

Manhattan Office (Main Office):

633 Third Avenue

New York, NY 10017

Suite 1306

Brooklyn Office (By Appointment Only):

1023 74th Street

Brooklyn, NY 11228

1st Floor

New Jersey Office:

7309 Ventnor Avenue

Ventnor, NJ 08406

2nd Floor



We hope you would find this website useful with regards to finding potentially relevant information for your legal issue. The Law Offices of Kiritsis & Associates PLLC is a boutique law firm headquartered in Midtown Manhattan, with offices in Manhattan, Brooklyn (NY) and New Jersey. We strive to provide professional legal services for individuals and various business entities. Our clientele ranges from including aspiring entrepreneurs,  start-ups to established business organizations.


We offer flat fee prices for many of the practice areas provided listed throughout our website. For more information on the   topic -- you may be interested, or simply to find out how our law firm can help, you may click at any of our site's links.


We are available for existing and potentially new clients 7 days a week -- via online, phone and/or in person.

Phone# 212-922-0005


Intellectual Property Disclaimer(s):


The materials available through this website and any other websites owned by John Kiritsis (individually and collectively, the "Website") are the property of John Kiritsis and his entities, and are protected by copyright, trademark and other intellectual property laws. You may not use, reproduce, download, store, post, broadcast, transmit, modify, sell or make available to the public content from the Website without the prior written approval of John Kiritsis. Be aware that any unauthorized use of John Kiritsis trademarks and copyrighted content for commercial purposes in violation of John Kiritsis's intellectual property rights will be vigorously enforced. All other trademarks, service marks and trade names referenced in this site are the property of John Kiritsis.

Website Created & Hosted with Website Builder