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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Starting a second business as a Sole Proprietorship, S-Corp, or LLC with a DBA?

I'm planning on launching a business to provide voiceover professional services. In professional voiceover, your name is your calling card, so my first inclination would be to simply do everything as ...
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As a limited partner in an LLC, can my role be considered active?

I want to stay as a passive investor in an LLC for short term rental of Real Estate Is there anything in the schedule k-1 that might make me an active member instead ? What kind of income is ok for ...
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Should I categorize a cash injection into my 2-owner LLC as an owner loan or owner investment?

I have an LLC, S Corp where I and my business partner share a 50/50 ownership. We ran out of cash, so I deposited $1,000 into the account to get us over the hump. The plan is to pull it back out once ...
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Can I invest in real estate through an LLC being on an H1B visa in the US?

I understand that I allowed to make passive income being on an visa and not be actively employed / working for another company. I am not trying to work for another company, but I just want to pool ...
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for a simple real estate rental LLC, how much data goes on tax form 1065 vs form 8825?

we have a "humble" partnership LLC for an airbnb real estate rental unit. I believe Im supposed to put most/all of the incomes/expenses on form 8825 and not on page 1 of the 1065 but my ...
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How do I properly lend personal money to my own company in Quebec?

I want to finance my company with my personal money (to buy some stuff). What is the best way to do that in an accounting point of view?
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When filing form 2553 to elect S Corp taxation for an LLC that I own, how do I pay myself while waiting for form 2553 to be approved by the IRS?

For example, let’s say I file form 2553 in February to elect S Corp status for my LLC with a retroactive start date of January 1 of the same year. The IRS may take two months to review form 2553, and ...
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1065 Schedule B - 14, who is a foreign partner?

I can't find a solid definition on the IRS website about this. I did find about foreign persons not sure if that applies. Are people with permanent residency or even tax residency considered foreign ...
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Limited company expenses not allowed

A small UK limited company paid out money, but it is not allowed as expenses, either because receipts were lost, or the payment was made for things that HMRC doesn’t accept as valid expenses. That ...
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Separate bank account / finances from Schedule C sole-proprietorship for single member "disregarded entity" LLC

If having a Schedule C business and then starting a single member LLC (i.e. which the IRS views as a disregarded entity for tax purposes), should a separate bank account / expense tracking need to be ...
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Taking temporary loan from my relative to invest in an LLC in USA

This question is in context of USA. Background: My brother and I plan to invest money in an LLC that will invest in a startup. I will take a temporary loan at 0% interest from my brother to invest in ...
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Diverting work income through my unprofitable LLC

I have an LLC that doesn't make money, and I have a full-time job. I'm considering having part of my income from my employer go to my personal bank account (to save for retirement), and the rest go ...
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Should I wait until after my LLC's effective date to purchase equipment?

I'm starting an LLC with an effective date of January 1, 2022. I would like to purchase some computer equipment ASAP so I can hit the ground running in January, but I won't have my LLC's bank account ...
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How much percentage of company will I own? [closed]

I am going to start my tech company (private limited). The authorized capital of the company is $100K with 100k common shares ($1 per common share). I issued 10k common shares for me. Later, I got an ...
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What type of company/business can be registered with one person?

In some countries, a company must at least has 2 board members to be registered. What about the US? What type of companies can be registered with only 1 person in the US? EDIT: My interest is a S-Corp ...
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How is it possible for an F-1/F-2 visa holder establish a company in the US?

If someone with the F-1(student) or the F-2(Student's dependent) visa is in the US. how can he establish a company in the US? Can he do it standalone(I mean register a company with his own with no ...
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Can "Family Cottage" LLC contributions be taxed?

I and a handful of relatives inherited a "family cottage" (a recreational cabin in the woods) from my Grandparents, who organized it into an LLC before passing it onto us in the form of ...
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28 votes
5 answers
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Can I create an LLC to put my assets into it in case I am personally sued

This is kind of the reverse of what typically people do. Typically an LLC is created to protect the owner's assets if the LLC is sued. I'm looking at it in the reverse order. If I put my money into ...
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What tax do I pay when I close a limited company?

I used to be an IT contractor for many years. With recent IR35 changes, I have decided to take up a permanent/FTC job. Over the past year my contract has been under IR35, so I am paying paye tax etc. ...
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2 votes
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LLCs and double-tax treaty in Portugal

I have a company in Belarus — a country that has no double-tax treaty with Portugal. My client, a representative of a Portuguese company, says that in order to wire money for my company's services, ...
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Accelerated Incentive Units or Profit Shares' pros and cons

I'm new to fundamentals of stock/equity. I have got an offer from an LLC company and the recruiter is saying they will allocate me Accelerated Incentive Units(AIU) which is intended to be treated as ...
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Can we shift Delaware LLC ownership percentages without exchanging money?

There are three people in a Delaware LLC, acting as a partnership. We have a formula that we use when we distribute money (based on hours worked, mostly), so our distributions generally don't line up ...
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To receive payments from a US company, do you need to start a LLC/PVT in India?

A person, let's say "X" got an offer from a US company as a Consultant. X lives in India. To receive payments from US company, does X need to start a LLC/PVT in India? How can X receive ...
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Term For Business Entity Founded With The Sole Purpose Of Holding Non-traditional investment?

I've done some searching but have been unable to find info on what I'm specifically looking for. My guess is there's a specific term for this type of business that I don't know. Suppose I want to ...
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Is it possible to refund the previously paid taxes by changing the LLC to S-Corp?

If someone starts an LLC in the US with F-2 visa, then he do apply for EB2-NIW green card and get EAD/AP combo card: 1- Can he change the LLc to S-Corp using this EAD/AP combo card? 2- After he ...
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1 vote
3 answers
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To what extent are companies' owners not responsible to pay back money that they waste?

I've always been confused by this. Apparently, as I understand it, you can register a company for a small sum of money in Western countries, for example the USA or Sweden, which then become its own &...
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1 answer
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Can a LLC company with citizen(s)/resident(s) of the US and non-citizen/non-resident board members be filed for tax as a S-Corp?

If there is a startup consists of citizen/resident and international(non-citizen/non-resident) students in the US who they want to create a company and get funding from investors, can they using S-...
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2 votes
1 answer
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What are the advantages of LLC over S-Corp?

I saw a video that mentioned that if you don't want to withdraw all your company's net profit and want to invest it again on the company, it's better to have a LLC over the S-corp. Is that true? May ...
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2 answers
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LLC Partnership Foreign Partner

My wife and I run an LLC in CA. I am a citizen and my wife is French with a permanent resident card. We are equal members of our LLC Partnership. I filed with TurboTax for our business and when asked ...
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How do Employees/Directors represent companies as agents, as regards events involving financial transactions?

How might one perform financial actions which companies as entities aren't allowed to perform, but for which they can be represented by a director or employee? For example, I understand that venture ...
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Substantiality of Economic Effect of paying 100% of all LLC expenses out of pocket by one managing member

Two partners with 50% interest in an LLC. One partner is paying 100% of all LLC expenses for the first year so expects to take 100% income or loss. This allocation is done because the other partner ...
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How much (if any) tax should I add to an invoice issued by my Delaware LLC while being in California to a Company in Ukraine?

I live in California (San Mateo County). I recently started an LLC (in Delaware) since I am running a SaaS business on the side. I didn't start it in California since I am planning to move to a ...
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1 vote
2 answers
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Business paying back debt to individuals

I have a single member LLC (Missouri, United States) that I started a few years ago. We received approximately $20,000 in funding from family and friends, of which I did not fully understand the ...
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1 answer
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How to pay taxes on single owner LLC

I have a LLC with one employee on Corp 2 Corp. The job pays 100k and the employee makes 70k. I am the only member of the LLC and I read somewhere that the IRS treats one-member LLCs as sole ...
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0 votes
1 answer
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How can I find the VAT Nr of an organisation by looking at a money transfer?

I have an app in multiple appstores (ios, android, windows). I have received money from transactions in these stores, and the VAT is taken care of by the stores. Now I have to do my tax administration ...
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5 votes
2 answers
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Does there exist any insurance concept like liability insurance for mobile/computer application developers? [closed]

Lets say that Ram is a freelancer app developer and takes a contract for app development for $6K from an institution. With help of his friend Shyam he develops the app and delivers it to the client at ...
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What are the financial ramifications for buying a house under my LLC

I am going to buy a house, but considering buying it under my LLC to protect me from losing the property in the event of a potential law suit. What are the financial implications of doing this if any? ...
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2 votes
1 answer
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How to avoid the $800 minimum franchise tax as a California resident with out-of-state business?

Assume a California resident sets up an out-of-state trust, which in turn is the only member (and manager) of an out-of-state LLC for business in another state (e.g. holding rental properties outside ...
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How company total asset increased while net revenue and EPS is negative

How company total asset increased while net revenue and EPS is negative? I looked at one company, and its yearly total asset is increasing year by year. However, its net revenue and EPS still negative....
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1 vote
2 answers
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Bought a domain before starting a small business (SMLLC), is it considered a startup cost?

I bought a domain ($3,000) right before I started a business SMLLC (single-member LLC). At the time, I thought that the domain can be treated as "start-up" cost so I do not need to ...
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3 votes
1 answer
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Can an LLC be used to pay for expenses incurred before any revenue?

I want to establish an LLC for contract/consulting work, but there will be a fair amount of expenses incurred before I can hope to get some revenue. (e.g. hosting to build website, cost of software, ...
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1 answer
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Defining the status of a LLC

This takes place in the USA. I sent the documents that are required to close my LLC but never got confirmation that it was dissolved. Throughout the whole time I ran it, I was never able to log into ...
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1 vote
1 answer
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LLC Assets Short-Term/Long-Term

Suppose I am the sole owner of a Wyoming LLC. I own some property or stock which has an unrealized gain and which I have held for over 1 year and deposit this into the LLC. Now let's say 3 months ...
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Can home solar power installations be deducted as a business expense?

I run computer servers at home 24/7, and my home is in California. To power them, I would like to install solar panels and home battery backup system. Can I deduct this as a business expense for my ...
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1 answer
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If a LLC doesn’t file as a corporation on federal income tax, what are other options?

What are other filing options for no income LLCs?
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2 answers
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No more income. What are my options to keep my S-Corp from dissolving?

I classified my single member LLC as an S-Corporation to take advantage of the tax advantages for qualifying small businesses as an independent software contractor. This worked well while generating ...
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0 votes
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Where to report payments made to C Corporation?

I have a single-member LLC (disregarded entity, pass-through, not elected as S or C corporation). I hired a C Corporation for a temporary project and made several payments. Question came to my mind as ...
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2 votes
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UK - Do I need to file final accounts when striking off an empty <12 months old company?

I would like to strike off an empty UK ltd company which is <12 month old and has never done any business and has no employees. My accountant has advised me I don't need to file final accounts ...
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1 vote
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How do I categorize myself if I'm an owner of a corporation, and didn't make anything above my initial investment? [closed]

I started an LLC which will be filing as an S-Corp. Thus, my personal taxes are separate. Am I self-employed, or employed by the LLC? I also only received reimbursements for my investment. Do I ...
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How do stock trading companies pay tax?

I was trying to understand the business structure of stock trading companies. If you set up an LLC, you have to pay tax on capital gains. When you trade (buy and sell stocks) in the name of another ...
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