to be used for any question related to Company incorporated with Limited Liability. Abbreviated as LLC. LLC is a US specific term per se. Other countries have similar concepts but are called differently. Even if the question are for different countries, the tag "Limited-liability-company" is still ...

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23
votes
7answers
5k views

Why would my job recruiter want me to form an LLC?

What are the benefits of forming an LLC when contracting for a high-paying job? My recruiter is asking me to do some tax things that I don't really understand. He's also a bit of a snake so I am ...
1
vote
1answer
32 views

How to report a personal expense for an LLC partnership paid in one year and reimbursed in another?

My business partner and I have a very small partnership LLC. This is my first year filing IRS tax forms for the LLC. In late 2014 I made a $30 purchase (from my personal money) on behalf of the LLC. ...
1
vote
0answers
21 views

Payments for extra work in a partnership [migrated]

Suppose two people are in a partnership (e.g., via an LLC) for an online web services business. The two generally share the work of running the business. Occasionally, a request will be made for ...
2
votes
1answer
34 views

EIN for personal LLC: Is this an S-Corp?

I'm currently a software developer, and it looks as though I'll be transitioning to doing 1099 work much more often than W-2 work. As such, I've decided to open a personal LLC in the State of Florida. ...
1
vote
1answer
25 views

LLC in states with customers with and without employees in the state

I work out of my home office, I do not have a business office setup. I did register an LLC in the state of Oklahoma where I live. My question is, two fold: If I hire someone in Utah to do sales ...
0
votes
1answer
35 views

Starting a LLC in the US from India - Am I self-employed or salaried?

I am Indian and I am planning to form a LLC in Delaware for my web development business (it will not have any physical presence in the US). It will be single member LLC to start with. So in India ...
1
vote
1answer
70 views

Where should I start my LLC?

I want to release an iPhone app to the App Store and want to put my company name as the app's "seller" field. I was thinking of starting an LLC because I'm working alone and want to hire a developer. ...
2
votes
1answer
44 views

How to move (or not move) an LLC from Illinois to New Mexico?

I'll be moving from Illinois to New Mexico soon and am wondering the best way to deal with my LLC. It is a design services LLC, electing S-Corp taxation. Currently revenues are all over the place - ...
1
vote
1answer
280 views

California LLC statement of information filing (LLC-12R)

I received a notice that my California LLC is required to file another statement of information filing. It requests that I use form LLC-12R, however, I can only find LLC-12 listed on the official ...
2
votes
1answer
65 views

What factors to consider for deciding between forming an LLC vs taking insurance on rental properties

My friend and I (both living in California) want to buy a couple of rental properties (one in Texas and other in Florida). Looking through the various websites and forums on the internet, we could ...
1
vote
1answer
75 views

LLC: Where should the funds for initial startup costs come from?

I recently created an LLC (with myself as the only member) and I have some initial costs (website, P.O. Box, etc.) that I need to finance. Can I pay for those out of my personal bank account or do I ...
0
votes
1answer
44 views

Does an online business selling across the USA would need to file for foreign qualification in each state?

I have been looking at the rules for an all online transactional company. If I make sales in all US states, do I need to file for foreign qualification if I have a Nevada LLC?
1
vote
1answer
79 views

I'm contracting from London for a company based in Paris, and they require Proof of Residence for my Ltd Company. Where can I get this?

I've already gone through the process to obtain a "Proof of Residence" letter on the HMRC website. Once the application was completed, the email I received stated about applications in general that ...
1
vote
1answer
82 views

Setting up a LLC for two partners in different states, what should we look into?

My friend and I are looking into starting our own design agency. The LLC would be based out of Texas, but the other employee would be based out of North Carolina. We would both be full time employees ...
-4
votes
2answers
117 views

Can stock market gains be better protected under an LLC arrangement?

As I understand it, if one has a business, profits can be reinvested to show zero net profits, so as to avoid tax. (I could be wrong about this, feel free to correct me.) I'm wondering if one can do ...
0
votes
0answers
36 views

What can I claim when there is a loss in the business?

I purchased 49% shares of a LLC business(Paid $150,000) and the business is claiming a loss of $ 130,000 for the 2014 year. I worked full time at the business but did not take a paycheck at all. Can ...
0
votes
0answers
28 views

Paying an LLC Partner a Salary in New Jersey

I've been doing a lot of reading in regards to this, but finance is not really my thing. If I have an LLC Partnership in the State of New Jersey, and want to make salary payroll to my fellow owner ...
0
votes
1answer
42 views

Can my non-US-resident LLC partner file a 1040NR-EZ?

One of my partners is a non-US-resident. Our LLC is based in Delaware, and we are subject to pass-through taxation (where we declare our share of profits/losses as income). In principle, this ...
1
vote
1answer
179 views

Is there a way to open a U.S. bank account for my LLC remotely?

I'm operating a company remotely — I'm not in the U.S. Is there a way to open a bank account without going to the U.S.? I've called a few banks and most of them require myself to go the a ...
1
vote
3answers
118 views

Received Check as Business Before Having Funds to Start the LLC

I've received a payment and will continue to be receiving payments contingent on me getting paid as an LLC. The problem with that is, is that starting an LLC is expensive and I don't have the funding ...
1
vote
1answer
70 views

Tax Implications - First 2-Family Rental Property

My brother and I have opened up an LLC and have put an offer on our first 2-family for a rental. We have some questions on loans/tax implications for the business that we're hoping to get some ...
2
votes
2answers
98 views

Equity As Part of Compensation

If a private (one owner) LLC that was recently acquired by a private investment company offers "a grant of employee incentive equity in the company in the form of Class M units representing x.xx% of ...
2
votes
1answer
261 views

Can my U.K. limited company lend money to a director or another person?

Can a limited company lend money to the director or another person? What are the limits, the rules, any minimum rate, the things to know...?
2
votes
1answer
79 views

Can I deduct remaining LLC losses against W2 wages once the LLC is dissolved?

I have been a minority owner of an Ohio LLC. The franchise closed in 2009 but the LLC just dissolved December of 2014. I haven't been able to deduct losses from my W2 wages as I haven't been actively ...
0
votes
1answer
130 views

Do I need to file taxes for multi-member LLC with no activity (State of NJ)

I know there are several threads to this end on here - I have read them all and am still in need of some assistance. I am an owner of a mulit-member LLC that was established this past year in the ...
3
votes
3answers
221 views

Does an LLC Protect me From Owing a Mortgage?

Let's say myself and my two peers, Adam and Ryan, start a limited liability company together, called Adryda LLC. We each put in $10,000 and take 33% equity. Later, Adryda buys a property with the ...
1
vote
0answers
87 views

Can I expense the rent for a three month contract abroad

I am a consultant living in UK using my own limited company. If I accept a contract to work in another European country, can I expense the rent I will have there?
2
votes
2answers
199 views

I founded my LLC in October 2014 but my business still isn't active. Do I need to file taxes?

Started the business in late October but did no work in 2014. My business is licensed in Texas. Do I need to file taxes for my business?
1
vote
2answers
102 views

Calculation, timing, and taxes related to profit distribution of an S-corp?

My life partner and I opened an S corporation at the start of 2015. My life partner will be employed by the S-corp and we've established a reasonable salary for him. I won't be employed by the S-corp, ...
0
votes
2answers
74 views

Tax liability in US for LLC's owned by an Indian Citzen

I am located in Pune, India and looking forward to form an LLC (Service Industry) in FL only as a face for my Indian Company in the US market. My clients would be making the payments in my Indian Bank ...
0
votes
3answers
193 views

Multi member member-driven LLC Bank Account without the personal presence of one the memebers

We have an LLC which has two members (we both are foreigners), this LLC is member-driven. We need to open a business bank account, but the problem is, that one of the members can't come to USA, is ...
0
votes
2answers
121 views

Form as LLC or S Corp to reduce tax liability

Drafting a business plan, trying to determine whether an LLC or S Corp would produce a lower tax liability (in the scenario below I am "Partner A"). Three Partners: Partner A, Partner B, Partner C ...
0
votes
0answers
124 views

Does FL based consulting LLC have to pay NY state income tax?

An LLC is registered and based in Florida. It conducts consultations in FL for New York-based companies, wherein an employee of the NY company travels to FL for the consultation. At no point does an ...
2
votes
2answers
156 views

How to pick a state to form an LLC in?

I'm looking to form a company with a friend of mine. I'm living in Colorado and he's living in Oklahoma. We want to start up a website that offers a service and we want it formed under an LLC. For ...
2
votes
1answer
178 views

Investing in your own LLC - equity or debt

I am putting initial investments in my own LLC, and as I started accounting I want to know how to treat it better - make it a loan to LLC or make it equity investment? It might take about half a year ...
0
votes
0answers
63 views

Foreign earned income exclusion for DE single-person LLC income

I am a US citizen living abroad. I pass both the bona-fide residency test and the presence test. I pay income taxes in the country where I reside. I am the sole member of a Delaware LLC, whose ...
1
vote
1answer
2k views

Why can't I file my California LLC Statement of Information online

I am trying to file my required statement of Information using the form at https://businessfilings.sos.ca.gov. The site fails to find my Limited Liability Company by name. I have gone through all my ...
1
vote
1answer
95 views

Gift Tax and LLC with foreign partners

I will tell you what we would like to accomplish, what we know though research and we need advise from you what best way to carry the plan out. I. What we would like to do My Vietnamese wife has ...
1
vote
2answers
127 views

Freelancing and getting taxes taken out up front instead of end of year?

I'm a programmer and I've been working at my current freelance gig for a few months now. They pay me hourly and ranges from 20-40 hours a week. The checks I've been receiving have taxes deducted ...
2
votes
1answer
273 views

How to register LLC in the US from India?

I am living in India. I have an online business with many clients in the US, and I want to register it as an LLC in the US. Which state is the best to register in? What is the process for me to ...
6
votes
1answer
203 views

Solo-401k interaction with employer sponsored 401k. Limits of contribution from Schedule C income

I'm quitting a job at the end of this year. I want to start a solo-401k for all my schedule C income and I have a couple of concerns: If my employer were to, for some reason, pay me in 2015 some ...
0
votes
1answer
102 views

Capital gains and flow through tax treatment

If I am in a limited liability partnership or in a limited liability company (which receives flow through tax treatment), how are the assets and income of the LLC taxed? I think the way it works is: ...
0
votes
1answer
66 views

How to know more about my tax situation in the States

I've been part of an LLC that actually never started to operate. My management opened it, and then closed it after 2 years. No income, no business bank account, no EIN. Basically it was just ...
0
votes
1answer
244 views

What steps are required to transfer real estate into a LLC?

I'm a fairly new landlord, and learning as I go. Apparently one of the early mistakes I made when purchasing my rental properties was buying them under my name instead of forming a Limited Liability ...
-1
votes
2answers
178 views

Selling units/shares in my startup to my Roth IRA

Since I can't transfer/gift shares directly to my Roth IRA, what's the most tax-efficient way for my Roth IRA to take ownership of as many units of my startup as possible? Is this even possible? If ...
0
votes
1answer
72 views

Rental property, pluses to move to an LLC

My wife and I bought a house and turned our condo into a rental property. We were going to go LLC, but money has been tight, so for 2014 we are doing general partnership. We can't get the mortgage ...
0
votes
2answers
52 views

LLC and tax filing with spouse

In florida my husband and I are the only managing members on an LLC. Are we able to file our taxes with one of us claiming 100% of profits and losses and the other as 0% if we are filing jointly.
0
votes
1answer
103 views

End of year crowdfunding and taxes

I am about to run a crowdfunding campaign, which will end mid-november. That gives me 1.5 months to spend the funds on project expenses--not really feasible given that it's all destined for ongoing ...
1
vote
1answer
116 views

Elect corporation S status for my LLC

I'm the sole proprietor of an LLC in the state of Michigan. I'm not looking to do anything fraudulent or alike. I simply want to know if I elect to have my LLC to be treated as an S type corporation, ...
2
votes
2answers
190 views

LLC v. W-2 Taxes when filing in Florida

I'm considering working as a contractor in Florida. Currently I'm a W-2 contractor, but considering a Corp-to-Corp contract since it's a higher rate. Just now I read Florida's Tax Page - ...