Ask HN: How to handle a complicated biz filing?
Background: An LLC with a 300k cash contribution and an equal 300k IP contribution was formed 3 years ago for a site that buys and sells cranes. It didn't do well.
Moving Forward: The company approached me as the developer to rebuild the application and re-start the company. Since then we took on an additional in 80k in cash contribution from a new member, plus my contribution of IP. The proposed membership is:
Original Member 1 - 20%
Original Member 2 - 30%
New Cash - 15%
New IP - 15%
Option - 20%
Problem: The lawyers are telling us that the non-cash contributors may be in for a rude surprise come tax season, as we are accepting payment in the form of stock for services rendered. My understanding is shouldn't be the case as we assigning our IP as a capital contribution to the corporation in exchange for stock, and therefore this should be looked at by the IRS the same as a cash contribution.
What are your thoughts?