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Questions tagged [limited-liability-company]

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 recommended to be used as long as the meaning is same.

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Investment property turned LLC

I recently turned my investment property into an LLC for liabiliy purposes. Now I want to sell it and my question is if I can deduct all my expenses from the sale like improving the vacant Lot into an ...
Javier Murillo's user avatar
0 votes
1 answer
47 views

Filing for a patent application as person vs an LLC

I am currently writing a software/app and founding a startup. I have not form an LLC or any legal entities yet. But I am about to pay a lawyer to draft a patent for my app. Question: If I file as a ...
Bear Bile Farming is Torture's user avatar
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0 answers
72 views

Using an LLC to buy property in Spain

I am considering entering into an agreement with another couple (friends of mine) to purchase a piece of property in Spain. The apartment would be primarily for our own use. However, we could both ...
fanoPaul's user avatar
0 votes
1 answer
48 views

Tax filing requirements for inactive LLC filing as S Corp

I have a single member LLC that files as an S Corp. In 2023 it was inactive. I know that I have to file an 1120-S. I'll be putting zeroes for all the dollar amounts. Do I need to complete the various ...
Sol's user avatar
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0 answers
67 views

Is there a need to formally register activities performed under an LLC?

I am considering establishing an LLC. The forms that I have seen for North Carolina just have contact information but no actual description of the LLCs activities. Is there a need to describe the ...
pixelearth's user avatar
-1 votes
1 answer
62 views

Which LLC is best if you are going to be hiring freelancers?

I am working to start a publishing company with a partner. I am researching the best LLC type for tax purposes to create - a regular LLC or an LLC taxed as an S-corp. From what I have researched, a ...
Drew_Thunder's user avatar
0 votes
1 answer
46 views

I was a W2 taxpayer now a new 1099 tax payer with a newly formed LLC with EIN number

I am being paid a 10k salary for driving the business from the company whose product i will be selling, but they are in Overseas. The newly formed LLC is me only at this stage? How can i overcome this ...
Carey James's user avatar
1 vote
1 answer
128 views

LLC Credit Card - When does money count as being spent

I run a single member LLC in the state of Virginia and, for tax purposes, I am trying to figure out calculating profit/loss at the end of the year when using a business credit card. In the first year ...
Elder Tree's user avatar
1 vote
1 answer
302 views

Forming an LLC to reduce personal income

I'm working as a contractor for a couple people though I haven't formally formed my own business yet. Is it possible to reduce my personal income tax while having the money go to the business? Ex: I ...
maxical's user avatar
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0 votes
2 answers
79 views

Do I need to file form 5472?

I own 100% of a US based LLC, in Wyoming, and I am a non-resident of the United States. I want to know if I need to file form 5472 even though my company had no transactions whatsoever. I paid a third ...
Vegas's user avatar
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0 votes
1 answer
328 views

Is it better to get a resale certificate or register an LLC in CA?

I would like to sell my 3D printed items on Amazon, Etsy, eBay, Shopify, etc. I recently discovered that I can avoid paying taxes when purchasing raw materials or business equipment by obtaining a ...
best_of_man's user avatar
1 vote
1 answer
52 views

Understanding S-Corp election timeline

I started a business on February 2nd of 2023, and my Tax Year will be 1st January, 2023 to 31st December, 2023, and the business tax filing deadline will be 15th April, 2024. Will I be in compliance ...
hsbatra's user avatar
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2 votes
1 answer
73 views

Contribution from personal checking account to Solo 401k as Single-Member LLC

I have Single-Member LLC (file as a sole proprietor). Should I make contributions (Employee deferrals, Employee after-tax contributions, Employer contributions) to a solo 401k from my business ...
illuminato's user avatar
0 votes
1 answer
65 views

401k Contributions Guidance for Two-Member LLC in a Community Property State

We established an LLC at the beginning of this year, with just two members – my spouse and myself. We reside in a community property state and file our taxes jointly as a married couple. Throughout ...
illuminato's user avatar
-1 votes
2 answers
181 views

Multi Member LLC Fraud

My husband is part of a multi member (2 members) LLC for recovery houses. Currently they have one house and 5 or 6 men living there. The rent the other member has been gathering from these men is not ...
Nicole m's user avatar
1 vote
1 answer
52 views

LLC tax for non US citizen

I incorporated my business in US (LLC) last year. I am a non-US citizen. Currently, the business has no revenue. I read how tax income works and that tax brackets are applied as an individual since ...
user avatar
1 vote
1 answer
124 views

How split LLC income between spouses in tax form?

My spouse and i formed an LLC in a community property state. We file taxes as MFJ . I have $200k earned income from LLC and my spouse has $0. In an LLC operating agreement, we have a 50/50 split. ...
illuminato's user avatar
0 votes
1 answer
237 views

How can I move my accidentally dissolved LLC into a new LLC?

I have an LLC (had) that I neglected to fill out my proper paper work for last year. Looking online I can see that its status is "administratively dissolved". I'm not really sure what to do ...
pixelearth's user avatar
0 votes
1 answer
266 views

Trying to understand 1-person LLC taxes (paid myself as W-2)

I'm trying to prepare my 2022 taxes (using TurboTax Deluxe, if you care). In the beginning of 2022, I created a 1-person LLC. I set myself up as a W-2 employee of my LLC and paid myself on payroll. I ...
Ryan's user avatar
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-1 votes
1 answer
81 views

Order by personal merchant (say Amazon) account, pay by business debit/credit card?

I just ordered on eBay logged in through my personal account by using my newly formed LLC's card. So, basically the order is placed under my personal account, but the payment is done through the ...
PurplePenguin's user avatar
0 votes
0 answers
136 views

How to pay (and account for) the portion of rent (or fuel) for business use (LLC)?

I co-own an two-member LLC with my wife. We're in the US. We own a car, and rent a home. For operating our LLC, we'll use a separate room exclusively and regularly for business use only (admin and ...
PurplePenguin's user avatar
1 vote
2 answers
392 views

How to structure a company/entity that accepts money from friends/family to invest and gain interest/dividends/gains?

I have a few interested friends and family that are looking to invest money. They come with various backgrounds/experiences in investing but given a connection they are willing to try a different ...
perennial_noob's user avatar
1 vote
2 answers
121 views

How to calculate tax deduction for first year of opening an LLC when funding it from your salary?

I need help understanding how it works when one opens an LLC in the United States, funds its activity from a job he or she does. For example the individual earns 200,000 dollars in a day job and pays ...
Roe hit's user avatar
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1 vote
1 answer
148 views

Does providing IT services to a company in California from another state constitutes doing business in CA?

We provide IT services remotely to a small business in CA from another state. Does this mean we are doing business in California? According to the California Franchise Tax Board (CFTB)'s Doing ...
toraritte's user avatar
  • 113
0 votes
1 answer
43 views

Minimum wage in an international payroll context

Suppose a UK private limited company is hiring an employee from an EU country. The employee is hired as an actual full-time employee, i.e. not as a freelancer or as a consultant. Does the UK company ...
Paul Razvan Berg's user avatar
2 votes
1 answer
1k views

Tax deductions for a rental property, personal vs LLC

I have numerous questions on the tax deductions regarding a rental property owned by two people. Certain things can be deducted from your income tax each including property taxes, improvement costs ...
user127776's user avatar
1 vote
0 answers
59 views

Starting a family fund, owned by a parent company?

first post here. I have been doing some research, but I am still not 100% sure on this. A little background: I live in NY state, have a Bachelors Degree in finance and data analytics. My situation: I ...
bigdogg99juherd's user avatar
4 votes
1 answer
1k views

Do you need a business name to use an EIN

I'm a freelance web developer and file taxes on income I receive from my freelance projects on my personal tax returns. I requested and received an EIN number from the IRS so that if I needed to give ...
scferg5's user avatar
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11 votes
1 answer
1k views

How to tell if my LLC's registered agent has resigned?

I run an LLC incorporated in Delaware. Since I'm not a US resident, I created it hiring the services of a website that helped me with the filing. A while ago I tried contacting them since I expected ...
GreatDeceiver's user avatar
0 votes
1 answer
97 views

Rent machines from myself as an LLC?

I just started an engineering/prototype machining LLC. I already own a few CNC machines, and I would use them to make parts for my business. My brother-in-law suggested that I have my LLC pay me a &...
Hunter's user avatar
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0 votes
1 answer
112 views

Just started first LLC, can I pay myself for things?

I just started an LLC for a small engineering/prototype machining business. I have a bank account for the business, but recently I purchased some business supplies (tooling for a machine) on Ebay ...
Hunter's user avatar
  • 103
1 vote
1 answer
31 views

Can a Disregarded Entity has a loss on schedule C deduct a loss on the personal return?

I have a single member LLC and chose to be a Disregarded entity. If I have a gain of $500 on my sch C, I have to pay SE tax. But what if I have a $500 loss instead? Do I have to carry it forward? Can ...
Judy M Lou's user avatar
2 votes
1 answer
88 views

Must an LLC electing federal s-corp status also elect state (NJ) s-corp status?

NJ does not automatically treat an LLC as an S-corp just because that status is granted at the federal level. Is it an option then to file as an S-corp federally, but file as a simple disregarded ...
Nate Fischer's user avatar
0 votes
2 answers
583 views

Understanding the Timing of Revoking S-Corp Election for an LLC

It was suggested to me that an S-corp election would be beneficial for my single-member LLC, so I did so, but after running the numbers, it does not seem that it will save me much in taxes, and the ...
number41's user avatar
  • 153
0 votes
2 answers
208 views

Should I keep track of money flowing out of my business bank account, when it's not used for business purposes?

Right now the account will only exist to hold my own funds (that I've earned elsewhere, and paid taxes on). I plan to take them out to use for non-business expenses on occasion, before I get off the ...
Ken - Enough about Monica's user avatar
-1 votes
1 answer
132 views

Can I save capital gains taxes by purchasing stock/crypto as part of LLC?

Suppose I register an LLC in the US and purchase stock or crypto as part of the LLC. When I sell the stock or crypto later on, I would like to use the money to buy real estate. In that case, does the ...
satya's user avatar
  • 109
0 votes
1 answer
88 views

Questions regarding large expenses in the first year of LLC

Apologies for the long post. I have contacted multiple accountants and tax experts with diverging views on my business developments. Around 5 people were contacted, 4 considered my case ordinary and ...
Anthony Zaid's user avatar
1 vote
1 answer
334 views

I filed form 2553, but no confirmation from IRS. What to do?

I filed form 2553 and faxed it to the IRS twice, and received confirmations of the fax receipt twice, but I have received no confirming correspondence from the IRS. It seems nearly impossible to get ...
number41's user avatar
  • 153
-1 votes
1 answer
91 views

S-corp accountable reimbursement timeline

This is my first year as LLC (taxed as S-corp) This is work from home, so I am planning to file for reimbursement for my LLC for the "part" of house EMI and other expenses etc., reading over ...
kosa's user avatar
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1 vote
1 answer
131 views

Can an individual foreign LLC be a CFC?

IRS defines a Controlled Foreign Corporation in terms of U.S. shareholders and voting power (Ctrl + F to CFC. In general), with some wiggle room. Suppose I'm an independent contractor working from ...
user5656's user avatar
1 vote
1 answer
50 views

Is a foreign LLC exempt from self-employment tax?

A site writes, If you conduct your business through a foreign LLC, your salary paid by the foreign LLC would not be subject to US Social Security and Medicare Tax. And, it would be eligible for the ...
user5656's user avatar
0 votes
1 answer
1k views

Can I count personal 1099 income as LLC revenue?

I have about 78k in 1099 income that was made out to me personally. I also recently formed an LLC with the election to be taxed as an S-corp - can I report this 1099 income as revenue to the LLC, ...
number41's user avatar
  • 153
0 votes
1 answer
79 views

Single Proprieter software consult/product company - S-Corp options?

Scenario: In the United States. Software Developer who performs consulting for other businesses. Paid an hourly rate of $150 per hour for full time work (1860 hours). Additionally, the software ...
Derek's user avatar
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1 vote
1 answer
53 views

S-corp accounting and tax and accounting - buffer amount for early next year

I have single owner LLC taxed as S-Corp. I got an interesting question, let us say we have to keep some buffer amount to keep January expenses in the bank, how do we classify this for both accounting ...
kosa's user avatar
  • 133
0 votes
1 answer
219 views

I have an LLC taxed as an S-Corp. Can my LLC receive income on a 1099?

I have a single-member LLC taxed as an S-Corp. I'm a contractor and a lot of my clients pay on a 1099. Can I have those clients pay my LLC with that 1099, so I can consolidate my income as going to ...
number41's user avatar
  • 153
1 vote
1 answer
176 views

I've been doing work for a side business all year, but I only opened my LLC last month. Can I declare all the prior income as business income?

In January I started work with another company that paid me as a consultant without a contract. In September I created an LLC to formalize things & get tax advantages. When I pay my taxes can I ...
throwaway123's user avatar
0 votes
1 answer
61 views

Which is better for tax saving purposes whilst in a contract that is inside IR35: a limited company, or an umbrella?

I am about to take a job that is inside IR35. I have been trading via a limited company and all my contracts have been outside IR35 for the past 12 years. I'm half way through my tax year and I would ...
Jamie Hutber's user avatar
1 vote
1 answer
159 views

Does bankruptcy of a wholly owned subsidiary mean bankruptcy of the parent company?

I read a critical article in a Finnish newspaper about a Finnish energy company (Fortum) buying most of a risky energy company (Uniper). Eventually Fortum lost practically all of the money invested ...
juhist's user avatar
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1 vote
1 answer
135 views

How do I profit from having a share in an LLC?

Sorry in advance if I'm asking this question in a wrong place. For example, if I posses 10% of shares in an LLC in the US that is worth $10 million, what do I profit from? I mean company profits, ...
Dushamishkin's user avatar
1 vote
1 answer
126 views

Buying real estate with an LLC

I am planning to buy a real estate property (rental) as a investment. There was a listing with the following comment: Property was purchased 17 years ago on a stock purchase - suggest Buyer do the ...
Alfred Wallace's user avatar

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