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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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2 answers
74 views

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 ...
0 votes
1 answer
216 views

Substantiality of Economic Effect of paying 100% of all LLC expenses out of pocket by one managing member

Two partners with 50% interest in an LLC. One partner is paying 100% of all LLC expenses for the first year so expects to take 100% income or loss. This allocation is done because the other partner ...
0 votes
2 answers
163 views

LLC Partnership Foreign Partner

My wife and I run an LLC in CA. I am a citizen and my wife is French with a permanent resident card. We are equal members of our LLC Partnership. I filed with TurboTax for our business and when asked ...
0 votes
1 answer
132 views

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 ...
0 votes
1 answer
48 views

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 ...
0 votes
0 answers
75 views

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 ...
0 votes
1 answer
49 views

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 ...
5 votes
2 answers
591 views

How to file 1040NR form as a non-resident alien owner of a U.S. LLC in Wyoming?

I'm an Egyptian citizen, living in Egypt 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 stripe.com ...
0 votes
2 answers
79 views

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 ...
3 votes
2 answers
13k views

How can I register a UK business without providing a business address?

If you are a start-up from home and do not have an office yet, how can you register your business on http://www.companieshouse.gov.uk/ without publicly disclosing your personal home address? I know ...
0 votes
0 answers
67 views

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 ...
-1 votes
1 answer
63 views

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 ...
0 votes
1 answer
46 views

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 ...
1 vote
1 answer
308 views

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 ...
1 vote
1 answer
129 views

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 ...
1 vote
1 answer
169 views

Split App Revenue 50/50 Google Play

I have a single member LLC and a friend and I are developing an app together. We will put the app on the Google Play store and we want to split the money 50/50. I'm wondering what the best way to do ...
0 votes
1 answer
347 views

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 ...
2 votes
1 answer
78 views

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 ...
4 votes
0 answers
57 views

Single Member CA LLC moving to WA keeping CA client - residency and work outside of CA

I have a CA Single Member LLC and do work for a California client. Contract work is between client and LLC. I move from CA to WA and establish residency there. I perform ALL work outside of CA. ...
1 vote
1 answer
53 views

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 ...
0 votes
2 answers
67 views

Can a LLC company with citizen(s)/resident(s) of the US and non-citizen/non-resident board members be filed for tax as a S-Corp?

If there is a startup consists of citizen/resident and international(non-citizen/non-resident) students in the US who they want to create a company and get funding from investors, can they using S-...
0 votes
1 answer
65 views

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 ...
-1 votes
2 answers
181 views

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 ...
1 vote
1 answer
52 views

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 ...
1 vote
2 answers
243 views

What do I need to do to form an LLC?

I have few questions regarding forming an LLC in Virginia. I'm a web-app developer. I have been working as a freelancer for 2 years. Now, I consider to form an LLC. But I have no knowledge in business ...
2 votes
1 answer
89 views

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 ...
1 vote
1 answer
125 views

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. ...
0 votes
1 answer
242 views

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 ...
0 votes
1 answer
276 views

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 ...
-1 votes
1 answer
81 views

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 ...
0 votes
0 answers
138 views

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 ...
2 votes
4 answers
7k views

Personal credit card for business expenses

If I have a personal credit card that is only used for business expenses, is there any disadvantage? The company is a sole prop. If the company becomes an LLC, will that make any difference?
1 vote
2 answers
413 views

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 ...
1 vote
2 answers
121 views

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 ...
1 vote
1 answer
150 views

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 ...
0 votes
1 answer
43 views

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 ...
2 votes
1 answer
1k views

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 ...
1 vote
0 answers
59 views

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 ...
4 votes
1 answer
1k views

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 ...
11 votes
1 answer
1k views

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 ...
1 vote
1 answer
31 views

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 ...
0 votes
1 answer
97 views

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 &...
0 votes
1 answer
115 views

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 ...
0 votes
2 answers
594 views

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 ...
1 vote
1 answer
345 views

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 ...
4 votes
2 answers
748 views

Does a musician under an LLC have to file a foreign qualification for shows in other states?

Does a musical band or similar service under an LLC have to file for a foreign qualification in every state they play a show in/employ their service?
0 votes
1 answer
79 views

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 ...
0 votes
2 answers
210 views

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 ...
23 votes
1 answer
12k views

Is income from a check taxed according to the date written or the date deposited?

Scenario Let's say I was given a check from an LLC on December 15 that was written to my LLC on that same day, and I cash it on January 15 the following year. Question Will I have to claim the ...
-1 votes
1 answer
137 views

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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