Viva Entertainment Group Inc (OTTV)

[powerbattles]

WRONG!!! JOINT VENTURE/PARTNERSHIP CREATED A BRAND NEW CORP "OI2 TV LLC" THAT IS TOTALLY SEPARATE FROM OTTV CORP. JOINT VENTURE/PARTNERSHIP ARE CONSIDERED "PASS THROUGH" TAX ENTITIES, MEANING ALL OF THE PROFITS AND LOSSES OF THE JOINT VENTURE/PARTNERSHIP PASS THROUGH THE BUSINESS TO THE PARTNERS, THE PARTNERS THEN EACH PAY TAXES ON THEIR SHARES OF THE PROFITS(OR DEDUCT THEIR SHARES OF THE LOSSES ON THEIR INDIVIDUAL INCOME TAX RETURNS. IN THIS CASE, THEY DON'T NEED TO INCLUDE BECAUSE THE CORP ISN'T ACTIVE YET. ANOTHER WORDS OTTV MIGHT NOT WANT TO REPORT INCOME ON THEIR RETURNS AND WOULD THEREFORE CORPORATE TAX TREATMENT MIGHT BE BETTER.