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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23 views

LLC Assets Short-Term/Long-Term

Suppose I am the sole owner of a Wyoming LLC. I own some property or stock which has an unrealized gain and which I have held for over 1 year and deposit this into the LLC. Now let's say 3 months ...
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63 views

Can home solar power installations be deducted as a business expense?

I run computer servers at home 24/7, and my home is in California. To power them, I would like to install solar panels and home battery backup system. Can I deduct this as a business expense for my ...
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108 views

No more income. What are my options to keep my S-Corp from dissolving?

I classified my single member LLC as an S-Corporation to take advantage of the tax advantages for qualifying small businesses as an independent software contractor. This worked well while generating ...
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14 views

S-Corp distribution & AAA Accumulated Adjustments Account

AAA is an S-Corps retained earnings not yet distributed. income increases AAA distributions lowers AAA (but not below zero) capital contributions does not increase AAA Scenario: I invest $100k in ...
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Are S-Corp distributions required to be come from AAA first before a shareholders paid in capital?

This appears so, as the 1120-S M-2 AAA calculation is not increased by paid in capital, only by ordinary income, but is also decreased by all distributions (return of capital).
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Where to report payments made to C Corporation?

I have a single-member LLC (disregarded entity, pass-through, not elected as S or C corporation). I hired a C Corporation for a temporary project and made several payments. Question came to my mind as ...
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19 views

UK - Do I need to file final accounts when striking off an empty <12 months old company?

I would like to strike off an empty UK ltd company which is <12 month old and has never done any business and has no employees. My accountant has advised me I don't need to file final accounts ...
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How do I categorize myself if I'm an owner of a corporation, and didn't make anything above my initial investment? [closed]

I started an LLC which will be filing as an S-Corp. Thus, my personal taxes are separate. Am I self-employed, or employed by the LLC? I also only received reimbursements for my investment. Do I ...
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1answer
59 views

How do stock trading companies pay tax?

I was trying to understand the business structure of stock trading companies. If you set up an LLC, you have to pay tax on capital gains. When you trade (buy and sell stocks) in the name of another ...
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2answers
57 views

LLC vs S-CORP for Side Business along with regular job

Situation: A person has a good-paying job where the Social Security tax limit is reached or almost reached every year, and the person also has a side business (LLC) that brings in more than 100k every ...
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2answers
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Does the (non-resident alien) owner of an LLC (as a disregarded entity) pay income taxes on (non-US) profits?

Let's assume the owner is the sole owner of the LLC. Let's also assume the owner is tax resident in a country with no double tax treaty with the U.S. Let's also assume the profits are not income ...
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2answers
37 views

Need access to funds that were earned & taxed prior to establishing LLC

In 2020, I worked as a sole proprietor and kept a 'business' account for my earnings. These were taxed twice - both as personal income and business income. Beginning 2021, I created an LLC (with me ...
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162 views

Adult Entertainment Taxes; Independent Contractor, SMLLC, LLC, S-corp, etc?

I've been dancing for a few years. I've been filing taxes as an independent contractor. I do not receive any 1099s. All my earnings are cash, received that day. I pay a house fee (rent for being ...
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2answers
185 views

How do companies profit after initial shares have been sold? [duplicate]

I have experience in investing and invest in several mutual funds each month, I understand the concepts of how the investor makes money from shares (either by dividend pay-outs or increases in share ...
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Should I sell or gift my vehicle (RV) to my own LLC?

3 years ago I've purchased an old RV to use (and still using) it as a mobile office and laboratory. A month ago I registered an LLC and now I want to transfer the ownership of my RV to my company. The ...
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1answer
60 views

Setting up a LLC in Wyoming as a non-resident to invest in stocks

I would like to open a LLC in the US in order to have access to some online brokers, like Interactive Brokers and Robinhood. I understand I will need to file an annual report with the state (Wyoming ...
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Does LLC payment count as payment to me (for unemployment purposes)

In the summer I received unemployment payments from California thanks to new federal laws that gave benefits to self employed business owners. The specific TYPE of unemployment for self-employed ...
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1answer
38 views

Cost basis of Limited Partnership assets

There is a limited partnership (an LLC taxed as a partnership) that owns various assets. If I buy interests in the partnership from existing limited partners at an arbitrary price, how is the cost ...
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39 views

Can I use transferwise business instead of a traditional bank account for my business?

I have a transferwise business account and it provides me with the banking information I need to receive electronic payments from my customers (routing, number, IBAN etc...). Can this be my "...
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Schedule E vs Schedule C

I purchased (with a mortgage) a mixed-use building with an LLC in 2019. I rent the two retail/commercial units to two LLC businesses (one owned by me, and one owned by my wife). This building also has ...
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1answer
37 views

Which type of organization should I choose to register in Germany to minify taxes for a non-profit software products

I'm (being a resident of Germany) going to introduce a software foundation - keep in mind though that I'm using term "software foundation" in a non-legal sense; and actually the goal of this ...
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25 views

Getting paid by my own disregarded entity in Idaho, do I need to file an Idaho personal income tax return

No physical assets nor contracts in Idaho itself. I do not live or physically present in Idaho. So reading through the income tax documents: Idaho source income is income from: Transactions or ...
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27 views

how does a non resident alien (Indian) file US taxes?

I have started an LLC in Delaware, USA. I am a non resident alien, living and working from India. The LLC is a sole proprietorship. As far as I know, I have to pay Delaware state annual tax of $300. ...
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1answer
67 views

I am a single member LLC. I am most likely going to have a business loss this year 2020. What do I need to know to report a loss?

I run a small repair shop in NYC and this year 2020, I will need to report a loss. I never reported a loss before so I'm not sure if my knowledge of it is out of date or not. I read that for 2020 ...
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single member LLC banking, do you have to open a “business account” or can you open a dedicated “personal account”

I have a single member LLC and was wondering about regulations around what banks advertise as "business account" vs "personal account". Do you have to open a business bank account ...
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18 views

Electronically file quarterly statement for SMLLC in idaho

I live in Nevada, but have opened a Single Member LLC in Idaho and was wondering where to file my quarterly estimates since there's no link i could find online. This the only thing I found https://tax....
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51 views

Has anyone done the process of starting an LTD to trade stocks in the UK? What is required?

I have stocks into a personal account. As you can imagine, if I want to sell and buy during ups and downs, I'll have to account for tax every time I make a profit, even though this is fully reinvested ...
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2answers
83 views

Should I form an LLC or a non-profit?

I am considering forming a business for a charitable purpose. We already have a website and Facebook page to get people to spread kindness for our cause. We'd like to start accepting donations and ...
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31 views

Are priority profit allocations eligible for QBI?

I know guaranteed payments from an LLC are not eligible for QBI. However, I've found two sources (here and here) that say that a priority profit allocation from an LLC is eligible for QBI. I can't ...
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26 views

QBI calculation when S Corp owns LLC

I am sole owner of an S Corp that is a member in an LLC. Let's say my S Corp gets $100k from the LLC, of which $50k is guaranteed payments (not eligible for QBI) and $50k is K-1 income (eligible for ...
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1answer
43 views

LLC in Florida needed if already have a New Mexico LLC?

I'm a resident of Florida and need to a create a LLC for liability protection. My business will solely be an online business. I would like to form the LLC in New Mexico as they have no annual report ...
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1answer
81 views

Can I “move” work from my sole trader days to my new limited company

I did some freelance software development work for a company last year and having gained some experience, knowing that I'll probably be doing much more of this kind of work, I want to protect my ...
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2answers
141 views

What are the risks for a Canadian opening a Delaware corporation?

I am a Canadian, living in Canada, born in Canada to one Canadian and one Canadian/American parent, which makes me an American "Person". This means I am responsible for filing and paying ...
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3answers
62 views

Company Mortgage - Can I write off Principal as a Business Expense?

Our business purchased a home that is used as one of our business locations - employees working there are allowed to have room & board taken out of their payroll (pretax). Question If we use ...
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1answer
132 views

Can I create an LLC, offshore, or a Limited company in the the U.K. to invest my personal money in equities? [closed]

So, I have a large portfolio of stock assets, gold etc. and I want to leave these specific assets from some of my brokers and physical gold/silver to one of my grandchildren, 14 (please don't tell me ...
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1answer
71 views

In what order are taxes stacked for an LLC

This isn't about some exact country, it's more about the general idea (which, I believe, is very similar in most of the world). But if you need some context, let's say that we're talking about a ...
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1answer
52 views

Making equity investment of personal money to LLC

NY state here. I have a very small single member, member managed (I'm the member) LLC that has elected to be taxed as an S-corporation (this might be important). The LLC is running a little light on ...
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26 views

Selling Asset to Own Company and Recording as Directors Loan

So I've set up a limited company (in England and Wales) and I want to sell some of the equipment I bought for this company prior to incorporation so that I can claim back the VAT. However, there's not ...
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55 views

How do I document cash capital contribution and digital assets assignment for single member LLC?

I have a single member LLC, which is currently a disregarded entity status (will be upgraded to S-Corp within a month or two). I'm making an initial capital contribution via cash deposit while opening ...
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3answers
249 views

How do I avoid forming a general partnership while splitting income 50-50 with someone else?

You can see a lot of context by reading here: Every month I make money from Patreon. I want to split my income with a partner. How do I avoid paying taxes on 100% of the income? I don't have an LLC (...
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2answers
340 views

How do I form an LLC anonymously?

I just read this article and want a second opinion: https://www.legalzoom.com/articles/starting-up-which-state-to-file-your-llc-in I'm considering starting an LLC because I earn about $400 a month ...
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1answer
53 views

Reducing tax obligation for LLC electing S-corp taxation

United States here, specifically NY state (if it makes a difference). Say we have a super small, 1-man member-managed LLC that has elected to be taxed as an S-corporation. This way, the 1-man member ...
2
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1answer
68 views

Two businesses under one LLC

I have a single member LLC and currently I have about $100k revenue and $10k expenses, so I am taxed on $90k profit (100% of the profit is left in a business bank account and never paid out to me). I ...
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37 views

What are Fringe benefit employee contributions?

While preparing my company tax return, i came across this curious phrase in the Australian Company income tax return guide (link here) Fringe benefit employee contributions Employee contributions ...
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28 views

US Tax treatment of dividends from single member consulting firm, a UK Private Limited Company

US citizen in UK has a salary from one firm which includes National Insurance withholding, and also owns a UK Private Limited Company to which client payments are made for his consulting work. UK tax ...
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1answer
70 views

Consequences of “hobby” classification for non-resident single-member LLC with no activity and income?

Suppose I am a non-resident who is the sole member of an LLC incorporated in Wyoming. Suppose the LLC has no activity and no income. The only expenses relating to the LLC is the yearly Wyoming license ...
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1answer
83 views

Is there any advantage to incorporating some sort of business for the purpose of holding and trading equity holdings?

What options are there for incorporating a holding vehicle for equity positions rather than owning them in my own personal name?
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1answer
70 views

Ideal country for limited liability company (Ltd.) [closed]

Looking for and ideal country for an Ltd. with the following conditions: English is an official language It's creation and maintenance is at low cost You don't have to be resident of the country You ...
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41 views

Taxation on LLC capital gains

If I formed an LLC with private investors and had short-term capital gains then, Are the capital gains taxed on the amount excluding the dividends/profits paid to investors? Will the investors have ...

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