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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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79 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
99 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
45 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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0answers
46 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
42 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
54 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 ...
2
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0answers
97 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
39 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,...
2
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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
95 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
36 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
238 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
82 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.
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1answer
89 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
44 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
38 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
156 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
58 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
362 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
22 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
43 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
90 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, ...
0
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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
106 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
20 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
75 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
20 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
204 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
137 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
76 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 ...
5
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1answer
184 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
52 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. ...
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1answer
98 views

Deposit cash into my business from my wife's account?

I have a LLC (let's call it XYZ, LLC) and I am the sole owner and I am going to use the money of the company to buy some assets. However, XYZ doesn't have enough capital to make the purchase. My ...
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1answer
119 views

What are tax consequences in U.S.A if my dad pays for my share of llc [closed]

I am a member of a multi-member LLC. My dad wants to gift me money and pay for my share of the LLC. My dad is not a member of LLC. What are the tax consequences if my dad sends money directly ...
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2answers
102 views

Taxes in U.S for revenue or profit? [closed]

We created a game which users can convert their money to virtual money but they also can withdraw 90 percent of their money back anytime. We also established our LLC company for that. So if user ...
2
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0answers
35 views

Properly setting up a holding and operating company relationship LLC

I've been doing some research online and reading over every relevant thread on this forum regarding having a holding company and operating company system in place for asset protection. I already have ...
4
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1answer
108 views

Hired by company abroad

Can I work directly for a company abroad (Sweden) in the United States if they do not have a U.S. entity and I'm a U.S. citizen? Or should I set up an LLC and function as a consulting business?