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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75 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 (...
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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 ...
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32 views

What self-employment and/or “payroll” taxes exist for NYS Single-Member LLC w/ S-Corp Tax Election?

I am about to form a New York (NY) state single-member LLC and elect S-corp taxation per my CPA's advice. I am the only employee and will be the only employee, at least through to the end of the ...
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1answer
58 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 ...
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0answers
115 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 ...
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22 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 ...
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1answer
71 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 ...
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1answer
66 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 ...
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3answers
6k 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 ...
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23 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 ...
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1answer
84 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 ...
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2answers
111 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 ...
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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:...
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2answers
127 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 ...
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1answer
157 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 ...
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105 views

LLC Partnership vs. S-Corp In 2019 With Qualified Business Income Deduction

I've got a small business (LLC, taxes as a partnership) with $700,000 of revenue and $500,000 of profit. Company is a husband and wife combo (consultancy), with consultants for other expenses. I've ...
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1answer
33 views

Declaring partnerships or companies abroad in the US

As a tax resident of the US, if I plan to start a company with a relative (Aunt, Parent, Sibling, Cousin) in a foreign country with informal funds that we manage in the family (for ex: by pooling ...
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84 views

The client wants only w-2, is there a way to route this via LLC?

I have an LLC registered and operating in USA. I produce content. My client is in DC. I would like to provide services using the content that my LLC owns. The client is not directly buying the content,...
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1answer
67 views

Starting an LLC before it is needed

Have business plans for over a year or two out, however, would like to establish the LLC now and have it sit idle until needed. What characteristics should be selected for creating the LLC at this ...
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90 views

Maximize negative tax rate

I've been reading articles about people getting negative taxes, and am curious about how much someone can actually earn and still pay 0 or negative taxes. Suppose I have an LLC, and my wife and I are ...
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0answers
37 views

Can I use the address given to me by my Registered Agent for an EIN?

Can I use the address given to me by my Registered Agent for an EIN? I was applying for an EIN online and I arrived at the part about the company address. From what I've read here, the address ...
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1answer
127 views

Does a musician under an LLC have to file a foreign qualification for shows in other states?

Does a musical band or similar service under an LLC have to file for a foreign qualification in every state they play a show in/employ their service?
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2answers
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Tax implications of operating an LLC in Wyoming with an Idaho bank account?

I operate an LLC in Wyoming, but my local business banking options have high fees. An Idaho bank offers free business checking and is within a reasonable driving distance for the rare occasions I'd ...
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2answers
320 views

About opening an LLC with little to report in the beginning

I am a full time employee in Texas and my wife is a stay at home mom. We are buying our third house and it should be ready in about 11 months. We rent out our current 2nd home (of which we own about ...
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1answer
122 views

Paying myself as the Director of UK Limited Company

I appreciate if anyone can enlighten me with their answers: The business is not making any money yet, but I was just wondering if I'm obliged by law to employ and pay myself as the director of my own ...
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1answer
101 views

Split App Revenue 50/50 Google Play

I have a single member LLC and a friend and I are developing an app together. We will put the app on the Google Play store and we want to split the money 50/50. I'm wondering what the best way to do ...
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1answer
50 views

Is EIN sufficient to open a business bank checkin account for LLC?

I am a non US citizen living overseas. I had formed a LLC in WY using state agent and was able to get EIN number through FSS-4 form. Now that I have heard, bank requires physical visit of owner to ...
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51 views

Should I create a corporation, even if I won't make money or receive funding until later? [duplicate]

Suppose I may not be profitable, make any money, or receive funding for another year. Should I still create the business entity now?
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1answer
133 views

If I plan to get investments later, should I start a C Corp now? Or LLC then convert to C later?

Should I start an LLC then convert later once it is time for investments? Or just start as a C-Corp now? At the moment what I have are open source software tools, and ideas on how to monetize them ...
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1answer
127 views

Tax rules for investment LLC's

I have a question about how investments managed by an LLC are taxed. For example, say I invest my own money and buy a stock and I sell it for a positive return. If it is sold in less than a year of ...
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1answer
129 views

How am I taxed as director of limited company that is also employed by another company?

I am a UK resident working at a consulting firm earning 33k salary before tax. I have setup a limited company with a friend in which I am a director with 1/3 share in the company. We will soon be ...
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2answers
71 views

Safe to work for an LLC with an owner involved in lots of things?

I am in the USA. I have only worked for public companies so far in my career. However, I recently received a nice job offer from a small company with < 100 employees. The company is an LLC that has ...
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1answer
77 views

Paying my wife's LLC from my LLC and solo 401k contributions

My wife works as a consultant to a business I operate (a single-member LLC). Can I pay her business (also a single-member LLC) as a vendor? I would treat her payment as a contractor expense, and she ...
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1answer
173 views

Do US banks accept out-of-state applications for checking accounts?

Let's assume I walk in a local branch of a US bank with a presence in many federal states (for example, the Wells Fargo branch in Richmond/California). Will they be able/willing to open a Wells ...
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0answers
205 views

FBAR reporting for non-resident aliens with single-member LLC

(1) According to the FinCen's FBAR filing instructions, "Any US person that has a financial interest in or signature authority over foreign financial accounts must file an FBAR..." This implies ...
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0answers
26 views

Tax on Temporary Member of Pass-Through LLC

I'm a member of a pass-through LLC in the state of Oregon, paid monthly via guaranteed payments. I was also paid a yearly distribution. The complicating factor is this: my membership shares having a ...
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1answer
176 views

Would it be a good idea to start my LLC while I owe the IRS?

I’m a self-employed cosmetologist I filed taxes last year and had to pay back $2500 I’m on a payment plan right now and they told me once I file again it will void the payment plan. So, would starting ...
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1answer
120 views

Can I sell my Nevada LLC's remaining inventory to myself at liquidation prices to avoid high sales tax?

I have a small Nevada LLC that I'm dissolving. I used it for ecommerce, but business has been bad the last year and now I've got some inventory left over. Because all of my inventory was bought for ...
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61 views

Personal loan to start the LLC now being paid back to investor / member of the LLC

I lent $85k to my own two partner LLC to purchase a property. I hold this as an interest bearing note against the property. I have been receiving a 1099-INT at the end of each year. Now, since the ...
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1answer
269 views

What to file as a non-resident alien single owner of a U.S. LLC in Wyoming?

I'm an Russian citizen, living in Russia and I own a LLC in Wyoming. I am the only owner of this LLC (single member managed LLC). I use this company to accept international payments through 2checkout....
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1answer
58 views

For a single member LLC, if I have no employees can I apply for an EIN from the IRS?

This for an LLC formed in Oregon. If I cannot apply for an EIN being a single member LLC, would I have to use my Social Security Number to represent tax on the LLC, and subsequently assume all ...
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1answer
72 views

Why 1099-MISC for LLC but not a corporation?

I have a couple side gigs, and every January I get a little annoyed because I need to send out 1099-MISC forms for various payments to contractors and the like. According to IRS rules you must send ...
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0answers
99 views

Are LLC membership interest purchases taxable?

My job has offered me an associate position which means I will become a member in the LLC. The cost for 250 units (membership interest 2.25%) is $25,000. I will get profit sharing of 2.25%. The LLC ...
2
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1answer
155 views

What should/can I do, now that I’ve closed the single-member LLC I used for freelancing?

I freelanced full-time for 6+ years through a single-member LLC, which I closed at the end of last year after I moved to a new full-time job. I was a user experience designer/researcher and designed ...
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0answers
29 views

Must I file a tax return for my S-corp LLC?

I created an LLC with S-corp election in 2018 in anticipation of doing some freelance work. In the end, I did not do the work and my LLC had no income. Am I still required to file a tax return for my ...
2
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1answer
40 views

Reduce LLC profits by putting towards spouse's IRA?

I have a full time job. I also own a LLC (sole proprietor). I have some profits from my LLC this year. My spouse and I file jointly. My spouse is not currently employed. Can I move the profits from ...
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1answer
236 views

Dropshipping and sales tax in sole proprietorship LLC

I own a new LLC as a sole proprietor and plan to file profits through my personal tax return. However, my business is entirely online and dependent either on affiliate or dropshipping channels. For ...
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1answer
44 views

What is considered “operating in Illinois” in regards to having an LLC?

Company: We formed a LLC in Delaware as a 50/50 partnership. We have an agent in Delaware, EIN, Operating Agreement, Articles of Organization. Our company will operate over the internet as a ...
7
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1answer
368 views

Off-the-shelf Computer Software Depreciation

For the 2018 tax year, I'm looking to take 100% bonus depreciation on software expenses for my US (California) based LLC. While the tax code states that "Off-the-shelf computer software" is eligible ...
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1answer
105 views

Someone opened a bank account using my business's EIN — fraud concern?

I recently formed an LLC and registered it with the IRS to get an EIN. I then went to a bank to set up a business account for the LLC. The bank ran a check on my LLC's EIN and discovered that, the ...

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