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 ...
2
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1answer
19 views
Filing Form 7004 if an LLC's only members are husband and wife
I need to file tax extensions.
I already know I need to file Form 4868: Application for Automatic Extension of Time
To File U.S. Individual Income Tax Return. I expect a refund, so I'm sending no ...
1
vote
1answer
36 views
Equity or alternative compensation in an LLC?
I am currently working for a real estate startup (LLC) that wholesales REOs nationwide.
I was one of the earlier employees to get hired. Since my time of employment, the company has been expanding ...
1
vote
1answer
74 views
What's the minimum revenue an LLC must make in Florida or NY states?
Here in Italy, if you open a small company (sort of LLC) you must have a minimum revenue, and therefore you must pay a minimum amount of taxes every year. Too bad for you if you are not making money; ...
1
vote
1answer
212 views
What are the costs to establish an LLC and to maintain it?
What's the average (approximately) cost to open a basic LLC in Florida state or in NY state? (FYI in my case is to buy an house in Miami and rent it. I already have a bank account in the U.S.)
What's ...
0
votes
1answer
72 views
Can I set up a retirement plan for an LLC with negligible income?
I am currently working as a W2 contractor, with no access to a 401(k) plan through the contracting agency. However, I do own an LLC, with, unfortunately, negligible revenue earnings. Here are my ...
5
votes
2answers
114 views
Is this formula accurate for weighing the difference between an S-Corp and LLC?
I have been doing much research before deciding on a S-Corp or LLC for an online start-up (2 people, software as a service). I've read lots of explanations of the two and their differences and I've ...
4
votes
1answer
152 views
How can I save LLC fees when investing in Arizona real estate from California
My sister, brother and I (who live in California) want to invest our money in Arizona real estate. We would like to hold the property in an LLC for liability reasons, and we would really like that LLC ...
1
vote
1answer
927 views
What does “LLP” stand for in the name of an organization?
What does LLP stand for? As in the example name "Flood Law Group, LLP".
5
votes
3answers
176 views
Owning properties through an LLC - how to split the LLC expenses?
I own some rental properties through my LLC. While most of the expenses can be attributed to a property and find their way to schedule E, I'm puzzled about the LLC expenses... In California its ...
1
vote
2answers
78 views
If you work from abroad for a week, does that count as a business expense?
I'll be working from abroad (I'm in the US and going to the UK) for about a week. I'll be spending my days 8+ hours working, and spending the nights out.
Can I deduct the plane ticket for this trip ...
0
votes
1answer
1k views
Do I need to file income taxes for my business if it made no money?
I have an LLC. It made no income this year. Do I need to file any tax return forms for it? If so, what forms are should I file?
My LLC is incorporated in the State of Illinois. I'm a US citizen. I've ...
1
vote
1answer
85 views
File LLC as S Corp?
I am in the process of creating an LLC and am trying to decide whether to file as an S Corp.
I make $80,000 at my day job and would be paying myself (via W2) at least 30,000, so I would be above the ...
4
votes
1answer
97 views
How does LLC ownership work in relation to U.S. tax law?
If an established LLC business offers ownership to a new member, will that member owe federal tax even though that member has still not realized any gain?
Let's say for example the LLC is worth $10M ...
4
votes
2answers
487 views
What are the tax implications of lending to my own LLC?
Well, as I mentioned before, I'm buying rental property under the name of my LLC (California). I used cash for the purchases, but the initial investment I made in the company was not enough to cover ...
1
vote
1answer
142 views
Can a single-member LLC have a fiscal year not as the calendar year?
Well, the title pretty much is the question. I'm in California, and its a disregarded entity. It matters for the LLC tax, and a positive answer will save me $800 cash. With references please, ...
0
votes
1answer
23 views
Is there a NY tax form to use when one is missing a 10-K (or 1065) from an LLC?
I invested in an LLC that has for the most part gone under. The LLC exists but I do not think that I will receive a 10-K for for 2011. My understanding is that there is a tax form I can fill out to ...
0
votes
2answers
155 views
Expensive agenda book/organizer. Office expense or fixed asset?
I am unsure how to book an agenda book/organizer that was purchased for our business. Normally I book office/organizational expenses (notebooks, printer ink, etc.) as "Office Expenses" but the cost ...
0
votes
1answer
185 views
How do I deduct from Sales Tax Payable in Quickbooks?
(This question could probably use a better title)
My current process for paying sales tax works as follows:
I collect payments against invoices from clients throughout the month
As I collect these ...
0
votes
1answer
110 views
Sales taxed amount in Accounts Receivable?
When I enter a new invoice for a client, for example $1062.50 ($1000 + MA sales tax) do BOTH Accounts Receivable AND Sales Tax Payable go up by the following?
Accounts Receivable +1062.50
Sales Tax ...
12
votes
6answers
952 views
Would it make sense to buy a rental property as an LLC and not in my own name?
I'm considering buying a rental property. Would it make sense forming an LLC and purchasing it in the name of my company, rather than owning it directly?
Considerations:
pros:
I don't want my name ...
5
votes
1answer
289 views
What is considered a business expense on a business trip?
Scenario: I own my own business (LLC). There is a business-related conference that I wish to attend that requires travel. I assume airfare, cabs, hotel and conference tickets are all obvious ...
1
vote
1answer
148 views
Can I skip Sales Tax Payable and just transfer directly to dedicated bank account?
I am trying to account for sales tax. I just totalled up a Quarter of sales tax and normally, I would create an entry like:
Debit "Business Income Checking Account" (true checking account)
Credit ...
2
votes
2answers
55 views
Accounts Receivable included in Gross Sales?
I am trying to determine my sales tax.
In a given quarter, let's say I close a deal for $2000 and collect $500 as a deposit. Which number is considered in my "Gross Sales", the $2000 or the $500? ...
2
votes
1answer
514 views
Paying myself a distribution caused a negative Owner's Equity account balance? Is this normal?
I just paid out my first distribution from my LLC. I wrote myself a check for $200 (example), using my business account and selected Owner's Equity. When I look at my summary of accounts, I notice ...
1
vote
1answer
708 views
How to report a bill was paid in journal entry?
I have a couple bills in my name in QuickBooks from business expenses that I paid for personally. I have since paid myself back ("paid the bill") but it was during the early months of my business (no ...
3
votes
1answer
101 views
How important is reconciling accounts for a small LLC (Quickbooks)?
We are in our first year of starting a small LLC. We are using Quickbooks Online and things are going well. The only exception is that, due to our lines of credit and bank accounts being personal ...
3
votes
2answers
257 views
How to transfer personal auto lease to business auto lease?
What is involved in transferring a personal auto lease to a business auto lease? We have a car for our business that was leased prior to establishing our LLC, therefore it is under our names, ...
7
votes
1answer
118 views
How does one's personal credit history affect one's own company's credit rating?
Quick background: I have no intention whatsoever on actually getting any loan. However, to accept online credit card payments (eg. via Paypal Payments Pro), merchant account providers determine ...
7
votes
4answers
114 views
Can I set up a second 401(k) at my LLC?
I have a 401(k) at work. I also have an LLC. Can I start a second 401(k) and contribute an additional $16,500?
10
votes
5answers
838 views
How to determine how much to charge your business for rent (in your house)?
I started a business this year and have a dedicated room in my home for this business. How do I determine the rate at which I will charge the business rent for the space?
5
votes
3answers
368 views
I'm about to be offered equity by my employer. What should I expect?
I'm not expecting to potentially be screwed over in any way (this is being given to me alongside a raise and a promotion so it's more of a cherry on top.) I was told in passing that I'll be vested at ...
5
votes
1answer
150 views
UK - Closed Company, Bank has frozen the remaining funds
I recently closed my small business and left a few hundred £s in the business account with Barclays. After receiving notification that the company has been officially struck off, I contacted Barclays ...
4
votes
1answer
142 views
Foreign company incorporated in US and W9
I own a translation company and my clients are reluctant to contract a provider based abroad, although I have a US Bank account, US tel, US PO Box (I lived in US for a while). I need to be able to ...
5
votes
3answers
309 views
I am the sole owner of an LLC. Does it make a difference if I file as an S-Corp or a sole-member LLC?
As an LLC with one owner, I had the option of filing using Schedule C on my household taxes, effectively treating business income (in this case, losses) as I would a sole proprietorship. My plan had ...
5
votes
2answers
189 views
Should LLC be opened in US or overseas?
I am a dual US and EU citizen looking to open an investment holding company under an LLC. For optimal tax circumstances, should the LLC be opened in the US or overseas?
8
votes
2answers
803 views
Setting up general ledger/tax reporting for a Real Estate Rental LLC in GnuCash
I have downloaded the GnuCash accounting software for use with our real-estate rental LLC, in hopes of following more universal accounting practices and determining our individual cash basis, but my ...
2
votes
4answers
1k views
Which is better when working as a contractor, 1099 or incorporating?
When working as a contractor, is it better to work as a 1099 contractor or rather incorporate as a C, S or LLC corporation? (with one employee/owner/board member)
(assuming that the pay is the same ...
1
vote
1answer
107 views
Costs associated with starting an LLC in Massachusetts?
I am going to be starting a LLC business (wedding photography) and I was curious about the associated costs. The business will be registered in Massachusetts. I understand that an exact number may not ...
4
votes
2answers
1k views
Does a US LLC need to file taxes if owned by a foreign citizen?
I am an Indian citizen living and working in the Indian software industry for many years.
I am also a regular tax payer in India.
Due to the overseas client growth in US, I am planning to setup a LLC ...
1
vote
1answer
147 views
I'm considering asking my employer for some kind of equity as compensation. What language should I use?
I'm an employee a startup company, and am considering asking for shares or stock or something similar as part of my compensation. The company is an LLC, and I'd like to know what kind of language to ...
4
votes
3answers
737 views
What's the difference between TaxAct and TurboTax?
I've always used TurboTax, but found an edition of TaxAct that will do state, federal plus schedule c for about 33 percent of the price of the Turbotax edition? Does TaxAct not do some important ...
2
votes
1answer
82 views
Are there any issues with registering an LLC in a foreign state?
This topic has probably been beaten to death, but just want to double check with you guys.
I'm currently in NYC, although I do not plan on living here (my parents are here tho). I have a web ...
5
votes
1answer
3k views
How do LLC losses affect personal income taxes in the US?
I know that LLCs have the benefit of pass-through taxation in the US and that any profits realized by the LLC are recorded as income by the LLC members, thus increasing their taxable income.
What is ...
4
votes
1answer
635 views
What are the tax benefits of a LLC vs a sole proprietorship?
What tax benefits would I receive by changing my sole proprietorship to an LLC?
Can the LLC do things like own a company car?
4
votes
1answer
421 views
Can dues and subscriptions expenses be deducted 100% to calculate taxable income in an LLC company?
I'm using Quickbooks Online, "Dues & Subscriptions" is one of the expense accounts we have. I would like to know if this expense can be deducted 100% for calculating my taxable income. Our company ...
5
votes
1answer
322 views
Sole proprietorship or LLC?
At what point in the life of a small business would you choose to do a LLC over a sole proprietorship? What's the advantage, and what's the cost of doing an LLC?
7
votes
3answers
641 views
In what state should I register my web-based LLC?
DISCLAIMER: I understand that as a US corporation, you're required to pay taxes in whatever state you A) do business in, b) pay employees in, and c) have property in. I understand that registering in ...
6
votes
1answer
395 views
What are the benefits and downsides to an LLC vs. Sole Proprietorship vs. Individiual?
As a followup to my previous question, what benefits are there for an LLC vs. a Sole Proprietorship? What are advantages and disadvantages to both and also vs. just being paid as a person?
18
votes
4answers
774 views
When should I start an LLC for my side work?
I am doing quite a bit of sidework this year and wondering at what point would it be a good idea to "start a business" and bill through that.
