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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.

29
votes
4answers
6k views

When should I start an LLC for my side work?

I am doing quite a bit of sidework this year and wondering at what point would it be a good idea to "start a business" and bill through that.
19
votes
6answers
7k views

In what state should I register my web-based LLC?

DISCLAIMER: I understand that as a US corporation, you're required to pay taxes in whatever state you A) do business in, b) pay employees in, and c) have property in. I understand that registering in ...
21
votes
6answers
5k views

Would it make sense to buy a rental property as an LLC and not in my own name?

I'm considering buying a rental property. Would it make sense forming an LLC and purchasing it in the name of my company, rather than owning it directly? Considerations: pros: I don't want my name ...
8
votes
1answer
861 views

Sole proprietorship or LLC?

At what point in the life of a small business would you choose to do a LLC over a sole proprietorship? What's the advantage, and what's the cost of doing an LLC?
7
votes
1answer
3k views

What are the benefits and downsides to an LLC vs. Sole Proprietorship vs. Individiual?

As a followup to my previous question, what benefits are there for an LLC vs. a Sole Proprietorship? What are advantages and disadvantages to both and also vs. just being paid as a person?
3
votes
1answer
421 views

Buying car as S-corp

I have an S-corporation and I will be buying a car under it today. There are somethings I am unsure about it which I would like to confirm. Do I pay for all the costs of the car out of my business ...
8
votes
2answers
6k views

What are the costs to establish an LLC and to maintain it?

What's the average (approximately) cost to open a basic LLC in Florida state or in NY state? (FYI in my case is to buy an house in Miami and rent it. I already have a bank account in the U.S.) What's ...
20
votes
1answer
4k 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 ...
13
votes
2answers
71k views

What is the “California SOS file number” and where do I find it?

My LLC's taxes are due soon and I want to pay the $800 annual tax here in California. I'm a little confused about something I'm supposed to write on the check: the "Calfirnia SOS file number". Google ...
9
votes
4answers
2k views

I am the sole owner of an LLC. Does it make a difference if I file as an S-Corp or a sole-member LLC?

As an LLC with one owner, I had the option of filing using Schedule C on my household taxes, effectively treating business income (in this case, losses) as I would a sole proprietorship. My plan had ...
5
votes
2answers
194 views

Contracter with day job - limited company dividends

I currently have a 'day job' as a web designer. I am considering taking on some freelance work which I have been offered and this would be completed in evening/weekends whilst also retaining my day ...
5
votes
1answer
191 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 ...
7
votes
1answer
401 views

UK - Closed Company, Bank has frozen the remaining funds

I recently closed my small business and left a few hundred £s in the business account with Barclays. After receiving notification that the company has been officially struck off, I contacted Barclays ...
6
votes
1answer
264 views

Adding spouse to single member LLC to reduce taxes

Suppose husband has a single member LLC, has a SEP IRA, and makes more than enough to max out annual SEP contributions. I'm curious if the wife could be added to the LLC to allow the wife to also ...
4
votes
1answer
479 views

File LLC as S Corp?

I am in the process of creating an LLC and am trying to decide whether to file as an S Corp. I make $80,000 at my day job and would be paying myself (via W2) at least 30,000, so I would be above the $...
2
votes
2answers
665 views

Form as LLC or S Corp to reduce tax liability

Drafting a business plan, trying to determine whether an LLC or S Corp would produce a lower tax liability (in the scenario below I am "Partner A"). Three Partners: Partner A, Partner B, Partner C ...
1
vote
2answers
67 views

Changing the address of an LLC and tax requirements

I'm neither a US citizen nor do I reside there. I have a single-member LLC registered in the state of Wyoming, US with a Wyoming virtual office address and an EIN. I'm not satisfied with the services ...
1
vote
2answers
427 views

Semantics of taxation for year-end money transferred by check

This is a follow up question to Income - Taxed on check date written or date deposited? I'm going to give a theoretical situation that has the possibly of becoming reality for me at the end of this ...