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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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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
73 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
78 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
44 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
23 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
84 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
103 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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0answers
48 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
71 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
43 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
57 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
98 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 ...
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1answer
107 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
40 views

How much should I earn before registering an LLC? [duplicate]

So, I want to quit my hellish day job and freelance/run my etsy store full-time. I'm considering registering an LLC, but I'm currently having second thoughts about whether or not I need an LLC. at all,...
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0answers
27 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
39 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
105 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
39 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 ...
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1answer
255 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
84 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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2answers
133 views

For independent contractors, can you use your room as a deduction if you don't pay rent?

I'd like to use my living space as a deduction, I don't pay rent.
2
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1answer
92 views

Self-Employed vs. LLC vs. “Something Else” for an at home business with two employees?

Though my circumstances are not that difficult, I want to be sure that I pursue the correct legal path for my family since our business administrative needs may be changing. I am a self employed ...
2
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1answer
46 views

As an LLC owner who hires foreign, independent contractors, what forms should be used for taxes?

I hired a foreign, independent contractor. All I've heard is to have them fill out a w8-BEN for personal use, and a 1099-MISC to present to the IRS. Are there any other neccessary forms?
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0answers
39 views

Can I claim standard business expenses incurred earlier than the date my LLC was formed?

I want to form an LLC for my web development business. However, I incurred a bunch of expenses during the year that I'd like to be able to deduct. I know you can claim startup costs, but these are ...
2
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0answers
57 views

Status of employee warrants awarded after an LLC becomes an S-corp

I was hoping to get some advice on how to approach this issue before I seek answers within my organization and perhaps legal consultation: Our company was originally owned by our initial investor's ...
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1answer
110 views

How to include money spent on business as losses

For the last year or so I have been helping as a financial partner to a small business. The person has used the money for business as well as personal expenses and I'm wondering what I need to do to ...
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3answers
157 views

Buying a flat abroad through British LTD company

I'm an IT contractor in the UK, I'm considering buying a flat in Poland, rent it on Airbnb or work remotely from there. I'm thinking if it's worth buying it through LTD company in my case. Would it ...
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1answer
59 views

Leasing a car on a personal lease vs withdrawing LTD funds to buy it for cash?

Every book, radio show or podcast for people wanting to become/stay wealthy would advise against leasing a car. I agree a car itself is an expensive toy and lease even adds to this equation, but... ...
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1answer
95 views

Close a limited company in UK

I would like to close my limited company but I do not know exactly how much money should I leave in the account to pay taxes. Can I get all the money from the account and then move the necessary ...
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0answers
35 views

When having an LLC taxed as an S Corp, what difference does it make to retain a profit since it is a pass-through entity? [duplicate]

Suppose I have an LLC and for simplicity's sake I'm the only member and I choose to be taxed as an S Corp. I fill out a W2, becoming an employee-owner of the LLC and I pay myself 50% of the LLC's ...
2
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1answer
413 views

Can unlimited liability companies be present at the stock exchange?

One day my lawyer told me to pay a big attention to the legal form of the company I invest. Generally, there are limited and unlimited liability companies. In limited one, in case of bankruptcy I ...
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0answers
26 views

Liability of Open Ended Investment Company in Ireland

As fas as I was able to find in web, there are three main company types in Ireland: Limited companies Unlimited companies Funds I need to know a liability of the shareholders of Open Ended ...
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1answer
48 views

Sole Proprietor LLC quarterly estimated tax payment

This is going to be my first quarterly estimated federal tax payment for a single member llc (treated as disregarded entity- sole proprietor). I see online that for annual taxes, I need to fill out ...
2
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1answer
65 views

Financing a company and not getting taxed on your initial budget?

If I understand correctly, in most countries (but let's assume USA in particular). Let's say I'm a normal employee. I make money, pay my taxes, and save some. After a few years I have $200k saved. I ...
4
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1answer
94 views

Single-Member LLC vs LLC having only one member

So, I registered a LLC but I am the only member in this LLC. If I do business under this LLC, when I file tax, I think I should NOT choose "Individual/sole proprietor or single-member LLC" category, ...
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1answer
81 views

USA - Can I write off time spent using this metric [duplicate]

Situation Let's say my organization does pro bono work for company X - a non profit I pay 3 employees Y amount and can write that off to the Federal Government Question I'm in a pass-through LLC, ...
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4answers
86 views

Can you fully deduct an investment property owned by an LLC?

I operated a business that generates substantial income. I would like to invest some of this money by buying various, undervalued properties in my area, doing slight improvements to them, and ...
2
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1answer
111 views

Difference between member and shareholder of a residential management company in the UK

My wife and I are joint lessees of a flat within a block, in the UK. There is a management company responsible for managing the common areas within the block. The lease requires the lessee to apply ...
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1answer
108 views

How to mark an invoice as bad debt to show as business expense

I have several invoices I've billed clients, and they have never paid. How would I label or categorize the invoice, so that it shows as a business "bad debt", and thus go as an expense on my P&L ...
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0answers
22 views

Can an US-LLC's EU business account be taxed by the US or EU country if the owner is resident elsewhere?

Let's assume a non-US citizen living in country A (non-EU) sets up a single-owner LLC in country B (the US) and opens a business account in country C (EU/Lithuania). Then this account received ...
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1answer
89 views

Wyoming LLC as Disregarded Entity - Is its owner also a member?

According to my knowledge, a wholly foreign-owned Wyoming LLC is only a disregarded entity for tax purposes if it is single-member. I came across a member-managed LLC that has one owner (person A) ...
32
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6answers
6k views

Why cannot LLCs be used to negate increased risks when doing leveraged investments?

Let's say that I am confident that some investment will grow by 15% per year, and that I have 10K to invest, and I'd like to use leverage to invest 100K. What stops me from creating an LLC with 10K ...
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0answers
22 views

Payment Structure for Non-Voting LLC Member

I'm dealing with a member-managed LLC that has both members and employees. The LLC wishes to bring in another member. The Operating Agreement provides that the shares for the new member will not ...
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0answers
23 views

What's a valid fixed asset/employees for a service company applying for ZEC?

I'm looking into moving my consultancy business to the Canary Islands to enjoy the ZEC tax regime (4% corporate tax). The requirements are: Invest 50-100k in fixed assets Hire 3-5 employees Being a ...
8
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2answers
214 views

LLC with $100K Profit - How to Reduce Taxable Income via Spending and Investments?

I'm a US citizen with a US-based single-member LLC operating in the internet space that will have $100K of profit / taxable income this year. I'm looking for ways to creatively (and legally) spend/...
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1answer
154 views

Is it possible to defer paying federal Income tax on a two member LLC

Last year, I formed a LLC Partnership with a friend. My friend and I both work full-time jobs while we are trying to get our business launched in our spare time. The nature of our business is such ...
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1answer
79 views

How much income justifies incorporating into an LLC?

In the state of Washington, it is easy and cheap to start an LLC with basic liability insurance. I have a small software consulting operation that I use for hobby money, but I'm not sure at which ...
8
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2answers
2k views

Am I required to file taxes on an LLC that made no money?

I live in NY and created my LLC in November 2017. I didn't have any revenue for the two months of activity. Am I required to file taxes for 2017 on that LLC? I can't imagine that they would want to ...
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1answer
191 views

Avoiding self-employment tax and maximizing retirement contributions

This is a follow-up to the answer to this question. Suppose you have a single-member LLC that makes $200k and that you would like to contribute the annual maximum of $54k to a SEP IRA. Is it ...
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1answer
53 views

Taxes and distributions for three-person LLC

In 2017 I created an LLC with two other people (in the United States). This is my first time filing taxes for it, so I just want to make sure I have it right. Our total revenue for 2017 was $20,000. ...