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.

Filter by
Sorted by
Tagged with
0
votes
1answer
58 views

In what order are taxes stacked for an LLC

This isn't about some exact country, it's more about the general idea (which, I believe, is very similar in most of the world). But if you need some context, let's say that we're talking about a ...
2
votes
1answer
44 views

Making equity investment of personal money to LLC

NY state here. I have a very small single member, member managed (I'm the member) LLC that has elected to be taxed as an S-corporation (this might be important). The LLC is running a little light on ...
1
vote
0answers
22 views

Selling Asset to Own Company and Recording as Directors Loan

So I've set up a limited company (in England and Wales) and I want to sell some of the equipment I bought for this company prior to incorporation so that I can claim back the VAT. However, there's not ...
0
votes
0answers
20 views

How do I document cash capital contribution and digital assets assignment for single member LLC?

I have a single member LLC, which is currently a disregarded entity status (will be upgraded to S-Corp within a month or two). I'm making an initial capital contribution via cash deposit while opening ...
1
vote
3answers
229 views

How do I avoid forming a general partnership while splitting income 50-50 with someone else?

You can see a lot of context by reading here: Every month I make money from Patreon. I want to split my income with a partner. How do I avoid paying taxes on 100% of the income? I don't have an LLC (...
3
votes
2answers
328 views

How do I form an LLC anonymously?

I just read this article and want a second opinion: https://www.legalzoom.com/articles/starting-up-which-state-to-file-your-llc-in I'm considering starting an LLC because I earn about $400 a month ...
0
votes
1answer
48 views

Reducing tax obligation for LLC electing S-corp taxation

United States here, specifically NY state (if it makes a difference). Say we have a super small, 1-man member-managed LLC that has elected to be taxed as an S-corporation. This way, the 1-man member ...
2
votes
1answer
68 views

Two businesses under one LLC

I have a single member LLC and currently I have about $100k revenue and $10k expenses, so I am taxed on $90k profit (100% of the profit is left in a business bank account and never paid out to me). I ...
1
vote
0answers
34 views

What are Fringe benefit employee contributions?

While preparing my company tax return, i came across this curious phrase in the Australian Company income tax return guide (link here) Fringe benefit employee contributions Employee contributions ...
3
votes
0answers
27 views

US Tax treatment of dividends from single member consulting firm, a UK Private Limited Company

US citizen in UK has a salary from one firm which includes National Insurance withholding, and also owns a UK Private Limited Company to which client payments are made for his consulting work. UK tax ...
3
votes
1answer
67 views

Consequences of “hobby” classification for non-resident single-member LLC with no activity and income?

Suppose I am a non-resident who is the sole member of an LLC incorporated in Wyoming. Suppose the LLC has no activity and no income. The only expenses relating to the LLC is the yearly Wyoming license ...
1
vote
1answer
67 views

Is there any advantage to incorporating some sort of business for the purpose of holding and trading equity holdings?

What options are there for incorporating a holding vehicle for equity positions rather than owning them in my own personal name?
0
votes
1answer
70 views

Ideal country for limited liability company (Ltd.) [closed]

Looking for and ideal country for an Ltd. with the following conditions: English is an official language It's creation and maintenance is at low cost You don't have to be resident of the country You ...
0
votes
0answers
41 views

Taxation on LLC capital gains

If I formed an LLC with private investors and had short-term capital gains then, Are the capital gains taxed on the amount excluding the dividends/profits paid to investors? Will the investors have ...
-1
votes
1answer
16 views

Taxation of US LLC in India

I am a non-resident of the USA, and a resident of India for tax purposes. Suppose I set up my US brokerage account as an LLC in the USA. What taxes will I owe on this account in India? What taxes will ...
1
vote
0answers
63 views

Starting a side business whilst full time employed

I'm currently employed full-time in a regular job, and pay income tax at the higher rate. I'm looking at setting up a very small side business which may make around £500-£1000 at the moment. I'm ...
0
votes
1answer
71 views

I am a NON US resident but I have a SSN and I formed an LLC in Wyoming. Do I need an EIN or I can use my SSN?

I'm a NON US resident but I have a SSN and I formed an LLC in Wyoming. Do I have to apply for EIN or I can use my SSN? I am the only member of an LLC.
0
votes
2answers
108 views

Is it better to start a new business using credit, even when I have money to invest

Suppose I have to start a new Limited Liability Company and the initial investment is 50000 dollars. Let's also suppose I have that money. No problem about it! Now let's suppose something goes wrong ...
0
votes
1answer
37 views

File for LLC now or when closer launch? [closed]

Do I need to file for LLC right now? The only reason I think I may have to is to secure the company name I want, so that Number 1 I have it, and number 2, so nobody else can take it. I hope that ...
0
votes
1answer
54 views

LLC in NY State but living and conducting business in Florida only

I am a software development consultant working as a self employed with a single member LLC incorporated in NY State. During 2019 I had moved from NY State to Florida and am serving only one client ...
0
votes
0answers
26 views

Gross receipts tax liability when operating an LLC in New Mexico as a nonresident alien

The title pretty much sums it up: will I be exempt from gross receipts tax if I'll be operating my New Mexico single-member LLC from abroad, as a nonresident alien, offering remote services (software ...
0
votes
0answers
42 views

Can a disregarded entity carry forward a tax loss?

I've heard that in general only businesses can carry tax loss forward (though in certain cases individuals can, too). Can someone filing taxes as an individual because they have a business which is a ...
0
votes
2answers
38 views

Does Schedule C require Schedule 1?

If someone has a business (single owner LLC) and therefore needs to fill out a Schedule C, do they also need to fill out Schedule 1? And where on the 1040 itself does the amount go, on line 1? Also, ...
0
votes
1answer
41 views

How to report an LLC net loss on a 1040?

A single owner LLC which is therefore a pass-through entity (and please correct me if I'm wrong) had less income than expenses. The expenses are real expenses and are yearly expenses, so we're not ...
7
votes
1answer
179 views

What are some tax strategies for when you are self-employed with low income, but every 4-8 years you get a huge spike of income?

I am self-employed in the United States, and am working on long-term projects. Most years I don't make much (lets say $20k), but every 4-8 years, after a large project is complete, I expect to get a ...
2
votes
1answer
54 views

repay the loan I gave my LLC

I gave money to my LLC (in the US) and now that the business has made some money, I want to pay myself back. If the LLC writes the check in 2020, can it still be deducted from the 2019 business tax ...
1
vote
0answers
17 views

Is this corporation electing to be an S corporation beginning with this tax year?

I had a question about what to put for this answer in section G of Form 1120S. I already filed Form 2553 the prior year to be accepted as having S-corp tax status for my LLC. Do I put "No" here ...
0
votes
0answers
48 views

If a single owner LLC is closed in Jan 2020, does the company owner still file a return in 2021?

If someone has single owner LLC in California USA and if he/she closes the company in Jan 2020, do you still have to file business tax return in 2021? Specially if company has elected financial year ...
1
vote
0answers
54 views

Income tax on property sale through LLC in another state

I was a small-time partner in an LLC that was set up to flip a house in NJ, and I live in MA. The LLC was set up in NJ, bought the old property, flipped it, and sold it. I received a K1 from the LLC. ...
0
votes
1answer
128 views

Is Money in LLC Bank Account Taxable?

If I maintain a business bank account for my LLC in the US, and if I let the money I make from my business remain in the business account (without withdrawing to my personal bank account) and use that ...
0
votes
2answers
92 views

Most tax efficient way to help out with my partner's UK limited company

My partner is the sole director and shareholder of a limited company in the UK. I'm a higher tax payer working for another company and currently receiving just PAYE. Would would be the most tax ...
0
votes
0answers
143 views

Can I use my sole proprietorship EIN on the W9 for my single-member LLC?

The IRS says For federal income tax purposes, a single-member LLC classified as a disregarded entity generally must use the owner's social security number (SSN) or employer identification number (...
0
votes
2answers
96 views

How to transition a sole proprietorship to an LLC?

There are several questions about sole proprietorship versus LLC. Suppose I have a sole proprietorship right now, and I form a single-member LLC tomorrow (March, partway through the year), treated as ...
1
vote
1answer
78 views

LLC Holding Company Advantages

I own several rental properties with a friend. A tax advisor recommended using the following strategy: One company for me, call it "Person A LLC" and one for my partner, "Person B LLC". Then one ...
0
votes
0answers
14 views

taxes for LLC foreign partner

I'm a foreign partner in LLC in US (other partners are US citizens). I don't live there so as far as I understood I'm not a tax resident in States. I was planning to pay taxes at my home country as ...
0
votes
1answer
72 views

Getting Taxed for Income from Job and LLC

I would like to know how a person gets taxed for income from a job and separate income from a LLC that I operate as my own business in the US. For example, if I generate 100k from my job; and if I ...
2
votes
0answers
94 views

Bootstrapping Process for Creating a Single-member Limited Liability Corporation (LLC)

So I’ve read in a number of forums—mostly StackExchange and Reddit—that it’s a good idea to separate personal and business funds/transactions so that when it’s time to organize information for taxes (...
0
votes
1answer
29 views

Taxes and K-1 Partnership

What do I do for K-1's if I am no longer a partner in the company? Say I dissolved my relationship on Dec 31, 2018. Do I have to do anything on my 2019 return? How does the government know I'm not in ...
1
vote
1answer
63 views

Receiving stock through an LLC

I have an LLC with S-Corp tax status. I am working for a startup and part of my compensation is stock. I am receiving 25% of this stock after 6 months and the rest is being awarded monthly after 6 ...
2
votes
0answers
131 views

When shutting down a single-member LLC do you need to close your business account with the IRS?

I'm shutting down a single-member LLC and have filed the necessary paperwork with the city and state in which I live. The only thing remaining is what, if anything, do I need to file with the IRS. I ...
0
votes
0answers
23 views

LLC (part assembly business) taxation

So I am starting a company for assembling computer parts (no change made to the components, just assembled). My company will be registered in Delaware but will work out of PA. My question is, do such ...
1
vote
1answer
134 views

1099 and W2 income in same year. Does it make sense to open LLC/S-corp?

Next year (starting from January 1st) I am planing to work for company "A" as self-employer (software developer/consulting) for 3 month. After that I am planing to work as full time employee (W2) for ...
1
vote
1answer
69 views

When businesses contract to other businesses, do they have to issue 1099s?

I run a small US-based LLC and am working with a client (another US-based LLC) who is about contract & pay our company around $300,000 for a software development project. The company we're ...
14
votes
3answers
8k views

Transferring $ from LLC to Personal account

So I have done some searching here but have not found a question that summarizes my specific position, so I decided to ask it here. I apologize if it has indeed been asked before. Just point me in the ...
0
votes
0answers
25 views

Do LLC Profit Shares follow the same allocation rules as equity options?

I've founded and bootstrapped an LLC and a friend wants to help out with development and not take an hourly contractor rate. He's aligned with the mission and wants compensation in the form of stock ...
5
votes
1answer
99 views

Lifetime ISA Eligibility

I am a director of a Limited company (SPV) which owns an investment property on a Limited Company Buy to Let. I am one of four directors, other directors are parents and sibling. I don't own a ...
0
votes
2answers
131 views

What are the tax implications for an individual renting property from an LLC of which they are a member?

The scenario is that individual I is a member of LLC L, and L owns property P. L distributes profits and losses to I. I rents P from L. An obviously significant free variable is how much rent L ...
0
votes
0answers
72 views

What purpose code should I select when transferring money to my US LLC?

I'm an Indian citizen living in India. I have an LLC registered in the state of Wyoming with an EIN. It is a single member LLC. I also have a business checking account for this LLC with a US bank. Q1:...
3
votes
2answers
213 views

Can an non US citizen/non resident open an US bank account for his LLC with a tourist Visa?

I'm starting an ecommerce business from my origin country and I will sell products in the USA . I need to open an US bank account in my business name. I already have an LLC and I need to know is it ...
3
votes
1answer
163 views

UK: How do I make my separate company a subsidiary of another?

I have company A which is an investment company. I have company B which is an contracting company. I want to make company B a subsidiary of company A, I presume I need to fill out some type of form ...

1
2 3 4 5
8