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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Business bank account with low foreign transaction fees [closed]
I have the following problem. I want to create a bank account for my foreigner owned LLC in the US. I plan on using Chase. However I would like to have very low foreign transaction fees to Europe and ...
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When a foreigner owned LLC receives payments from another foreigner owned LLC, does it become taxable?
Party A has an LLC, which pays no taxes in the US, because it doesn't generate revenue there. The owner lives in Europe and doesn't pay taxes in the US.
Party B is the exact same thing.
Now Party B ...
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How to deduct training expenses that were necessary to establish a business?
I went through some training courses to obtain some certifications that I needed to run a business. The next year, I established a single-member LLC and started doing business using those ...
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If it is mandatory for the person to appear at the bank in order to create a bank account then why is LLC an exception?
I have seen on many sites that I can create a company and a bank account in the USA 100% remotely and without a visa and all of that thanks to LLC but due to the requirements that banks have with the ...
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Investment property turned LLC
I recently turned my investment property into an LLC for liabiliy purposes. Now I want to sell it and my question is if I can deduct all my expenses from the sale like improving the vacant Lot into an ...
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Filing for a patent application as person vs an LLC
I am currently writing a software/app and founding a startup. I have not form an LLC or any legal entities yet.
But I am about to pay a lawyer to draft a patent for my app.
Question:
If I file as a ...
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Using an LLC to buy property in Spain
I am considering entering into an agreement with another couple (friends of mine) to purchase a piece of property in Spain.
The apartment would be primarily for our own use. However, we could both ...
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Tax filing requirements for inactive LLC filing as S Corp
I have a single member LLC that files as an S Corp. In 2023 it was inactive. I know that I have to file an 1120-S. I'll be putting zeroes for all the dollar amounts.
Do I need to complete the various ...
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Is there a need to formally register activities performed under an LLC?
I am considering establishing an LLC. The forms that I have seen for North Carolina just have contact information but no actual description of the LLCs activities. Is there a need to describe the ...
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Which LLC is best if you are going to be hiring freelancers?
I am working to start a publishing company with a partner. I am researching the best LLC type for tax purposes to create - a regular LLC or an LLC taxed as an S-corp. From what I have researched, a ...
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I was a W2 taxpayer now a new 1099 tax payer with a newly formed LLC with EIN number
I am being paid a 10k salary for driving the business from the company whose product i will be selling, but they are in Overseas. The newly formed LLC is me only at this stage? How can i overcome this ...
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LLC Credit Card - When does money count as being spent
I run a single member LLC in the state of Virginia and, for tax purposes, I am trying to figure out calculating profit/loss at the end of the year when using a business credit card.
In the first year ...
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Forming an LLC to reduce personal income
I'm working as a contractor for a couple people though I haven't formally formed my own business yet.
Is it possible to reduce my personal income tax while having the money go to the business?
Ex: I ...
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Do I need to file form 5472?
I own 100% of a US based LLC, in Wyoming, and I am a non-resident of the United States. I want to know if I need to file form 5472 even though my company had no transactions whatsoever.
I paid a third ...
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633
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Is it better to get a resale certificate or register an LLC in CA?
I would like to sell my 3D printed items on Amazon, Etsy, eBay, Shopify, etc. I recently discovered that I can avoid paying taxes when purchasing raw materials or business equipment by obtaining a ...
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Understanding S-Corp election timeline
I started a business on February 2nd of 2023, and my Tax Year will be 1st January, 2023 to 31st December, 2023, and the business tax filing deadline will be 15th April, 2024. Will I be in compliance ...
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Contribution from personal checking account to Solo 401k as Single-Member LLC
I have Single-Member LLC (file as a sole proprietor). Should I make contributions (Employee deferrals, Employee after-tax contributions, Employer contributions) to a solo 401k from my business ...
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401k Contributions Guidance for Two-Member LLC in a Community Property State
We established an LLC at the beginning of this year, with just two members – my spouse and myself. We reside in a community property state and file our taxes jointly as a married couple.
Throughout ...
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Multi Member LLC Fraud
My husband is part of a multi member (2 members) LLC for recovery houses. Currently they have one house and 5 or 6 men living there. The rent the other member has been gathering from these men is not ...
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LLC tax for non US citizen
I incorporated my business in US (LLC) last year. I am a non-US citizen. Currently, the business has no revenue. I read how tax income works and that tax brackets are applied as an individual since ...
trying to learn
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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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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 &...
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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 ...
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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 ...
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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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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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1
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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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288
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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 ...
- 153
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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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