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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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.
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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 ...
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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 ...
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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 ...
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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 ...
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2
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98
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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 ...
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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 ...
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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 ...
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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 ...
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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 ...
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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 ...
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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 ...
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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 ...
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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 &...
- 103
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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 ...
- 103
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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 ...
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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 ...
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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 ...
- 153
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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 ...
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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 ...
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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 ...
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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 ...
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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 ...
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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 ...
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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 ...
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130
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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, ...
- 153
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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 ...
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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 ...
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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 ...
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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 ...
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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 ...
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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 ...
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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, ...
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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 ...
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UK - I've marked "Use Of Home" costs as out-of-pocket expenses, is this right?
I am the sole director of a limited company and work from my home office. I am looking to claim back a portion of 'Use Of Home' expenses for rent, council tax, energy bills, home insurance and ...
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Personal contracting versus LLC
I am taking on a side project where I will be making a little under $100 US an hour for a few (5-10) hours a month. I do have a LLC already established in the same industry (fitness/teaching) in ...
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Tax Implications - Dissolve partnership w/ property
My business partner and I purchased a house two years ago in an LLC we co-own. He does not want the house and I want to improve and live in it. We have agreed that I would buy him out at the price ...
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Are shares I issue when forming my company "paid for" or "unpaid"? (UK Ltd Companies)
"There
is no obligation to pay for shares unless the company is wound up or
goes into liquidation. However, as most shares are issued to raise
capital, it is common to pay for them when they are ...
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How to contribute capital from 401k or IRA to a Series LLC?
I am new to this thread and I'm seeking some basic advice or comment for this matter.
Please assume that any investment risks are taken into consideration.
Objective:
I would like to bootstrap an ...
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Virginia labor law regarding payroll
We (myself & spouse - no other employees) are owners of S-Corp and planning to run quarterly payroll. It seems some states have mandatory labor laws to have the payroll run every week or bi-weekly ...
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S-Corp owner salary change between pay periods
I searched a lot, but couldn't find any concrete answer for this question:
When LLC S-Corp (Myself & Spouse), owners need to get paid "reasonable salary". I am planning to to run the ...
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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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