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.

73 questions with no upvoted or accepted answers
Filter by
Sorted by
Tagged with
4
votes
2answers
382 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?
4
votes
0answers
43 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. ...
4
votes
1answer
157 views

Can an LLC member give his ownership back to the company?

Say that an LLC was founded by four partners. Two have a 40% ownership stake in the company, two have a 10% stake. The company manages to break even every year. No profit distributions are made. ...
3
votes
0answers
33 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 ...
3
votes
0answers
224 views

Bootstrapping Process for Creating a Single-member Limited Liability Corporation (LLC)

So I’ve read in a number of forums—mostly StackExchange and Reddit—that it’s a good idea to separate personal and business funds/transactions so that when it’s time to organize information for taxes (...
3
votes
1answer
118 views

Pass-through entity question

Would this scenario work? LLC A owns LLC B, C All $ made on LLC B and C is passed to LLC A and then $ made on LLC A is split between two partners avoiding double taxation?
2
votes
0answers
55 views

LLCs and double-tax treaty in Portugal

I have a company in Belarus — a country that has no double-tax treaty with Portugal. My client, a representative of a Portuguese company, says that in order to wire money for my company's services, ...
2
votes
0answers
26 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 ...
2
votes
0answers
177 views

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 ...
2
votes
0answers
47 views

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 ...
2
votes
0answers
28 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 ...
2
votes
0answers
58 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 ...
2
votes
0answers
155 views

When shutting down a single-member LLC do you need to close your business account with the IRS?

I'm shutting down a single-member LLC and have filed the necessary paperwork with the city and state in which I live. The only thing remaining is what, if anything, do I need to file with the IRS. I ...
2
votes
0answers
325 views

FBAR reporting for non-resident aliens with single-member LLC

(1) According to the FinCen's FBAR filing instructions, "Any US person that has a financial interest in or signature authority over foreign financial accounts must file an FBAR..." This implies ...
2
votes
0answers
103 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 ...
2
votes
0answers
36 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
votes
0answers
81 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 ...
2
votes
0answers
46 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 ...
2
votes
0answers
271 views

new tax bill pass-through limit deduction threshold

Here is a clip from the Washington Post on pass-throughs. “Pass through” companies get a 20 percent reduction: Most American businesses are organized as “pass through” companies in which the income ...
2
votes
0answers
56 views

Can I claim a credit / deduction on my "personal income tax" for the "city corporate income tax" that my LLC company located in NYC had to pay?

I live in Chicago, which does not have city income tax. My company is a LLC incorporated in NYC, which has city income tax. So my understanding is that my company needs to pay "city income tax" over ...
2
votes
0answers
26 views

SEP contributions when part of two LLCs

I am the sole member of first LLC, and I've been doing SEP contributions for several years now. In 2018, I want to start a second LLC where there will be a second member (let's call him John) who ...
2
votes
1answer
260 views

Source of funds for formation of IRA-owned LLC

I've been reading the excellent book The Self Directed IRA Handbook by Mat Sorensen. My understanding is that I can achieve personal control of the checkbook for my retirement investments by forming ...
2
votes
0answers
145 views

LLCs loan interest to avoid self-employment taxes

After doing some research on LLC setups and taxation, I have struck upon something I can't find an answer to. If I make a loan to an LLC, taxed as a passthrough (multi member) to which I am a member ...
2
votes
0answers
70 views

What tax forms should I file for my new, 2016 LLC?

I'm the only member (owner). 2016 is the first year (year of incorporation). There were expenses (~$16k) but no income. My plan is to file the 568 by March 15th but not file any federal corporate ...
2
votes
0answers
110 views

LLC capital equipment against day job income

My wife and I have started an LLC. the LLC is run our of our house, it is a machine shop. We file our taxes joint-married. She is 51% owner I am 49% owner. I work a day job (for now). We have ...
2
votes
1answer
135 views

How to avoid the $800 minimum franchise tax as a California resident with out-of-state business?

Assume a California resident sets up an out-of-state trust, which in turn is the only member (and manager) of an out-of-state LLC for business in another state (e.g. holding rental properties outside ...
1
vote
0answers
94 views

Can "Family Cottage" LLC contributions be taxed?

I and a handful of relatives inherited a "family cottage" (a recreational cabin in the woods) from my Grandparents, who organized it into an LLC before passing it onto us in the form of ...
1
vote
0answers
50 views

What tax do I pay when I close a limited company?

I used to be an IT contractor for many years. With recent IR35 changes, I have decided to take up a permanent/FTC job. Over the past year my contract has been under IR35, so I am paying paye tax etc. ...
1
vote
0answers
17 views

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 ...
1
vote
0answers
31 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 ...
1
vote
0answers
94 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 ...
1
vote
0answers
43 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 ...
1
vote
0answers
70 views

Starting a side business whilst full time employed

I'm currently employed full-time in a regular job, and pay income tax at the higher rate. I'm looking at setting up a very small side business which may make around £500-£1000 at the moment. I'm ...
1
vote
0answers
21 views

Is this corporation electing to be an S corporation beginning with this tax year?

I had a question about what to put for this answer in section G of Form 1120S. I already filed Form 2553 the prior year to be accepted as having S-corp tax status for my LLC. Do I put "No" here ...
1
vote
0answers
59 views

Income tax on property sale through LLC in another state

I was a small-time partner in an LLC that was set up to flip a house in NJ, and I live in MA. The LLC was set up in NJ, bought the old property, flipped it, and sold it. I received a K1 from the LLC. ...
1
vote
0answers
333 views

Can I use my sole proprietorship EIN on the W9 for my single-member LLC?

The IRS says For federal income tax purposes, a single-member LLC classified as a disregarded entity generally must use the owner's social security number (SSN) or employer identification number (...
1
vote
0answers
94 views

Maximize negative tax rate

I've been reading articles about people getting negative taxes, and am curious about how much someone can actually earn and still pay 0 or negative taxes. Suppose I have an LLC, and my wife and I are ...
1
vote
0answers
100 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 ...
1
vote
0answers
46 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 ...
1
vote
0answers
30 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 ...
1
vote
0answers
28 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 ...
1
vote
0answers
73 views

File as an S-Corp to retain deductions after new US tax bill

According to https://www.forbes.com/sites/groupthink/2017/11/28/small-businesses-cast-jaundiced-eye-at-tax-reform-proposals/, should the current tax reform bill pass into law: "corporations would ...
1
vote
0answers
42 views

Is an 83b election ONLY applicable to equity in exchange for services?

From what I can find online, it seems like IRC §83 relates to transfers of restricted equity in exchange for services provided. Is this the only applicable case for for an 83b election, or can a ...
1
vote
0answers
43 views

Callifornia LLC: how to pick calendar vs fiscal year for filing Form 568?

As title says, how do I pick calendar vs fiscal year for filing Form 568? I called the FTB, who told me to call the Secretary of State, who then told me to call the FTB.. Now I'm here. I Googled as ...
1
vote
0answers
214 views

Do I have to pay New York state tax? Freelancer with New York LLC, living in Florida

I'm a freelance software developer working from home. I work through a single-member LLC registered in New York. I previously lived in New York and paid New York state tax, but I have moved to Florida....
1
vote
0answers
96 views

Selling utilities to an LLC

So, first I'd like to say the LLC has been setup, and no we have not "finished" all aspects of the business. Meaning, it's legal but we're ironing out a lot of loose ends, and will be consulting a tax ...
1
vote
0answers
67 views

I am trying to estimate the upper-end of taxes on an LLC in California, is this math on track?

Let's say I am an LLC owner in California, with annual profits equal to $1M USD. The business is an online business that makes B2B software sales nationally, but is based in CA. My understanding is ...
1
vote
0answers
93 views

How to file income tax for administratively dissolved S-Corp still getting money from contracting work?

I have an S-Corp which I just realized was administratively dissolved in 2011. But I have been using a bank account linked with the S-Corp to get contracting income. I have filed 1040 schedule C for ...
1
vote
0answers
604 views

Why my tax calculation (SA302) doesn't show my dividends through a service company?

I've submitted my tax return (Self Assessment) to HMRC for the recent year and I've enter my total of the dividends (from my Limited company as contractor) into Service companies box as below: as per ...
1
vote
0answers
94 views

What can I claim when there is a loss in the business?

I purchased 49% shares of a LLC business(Paid $150,000) and the business is claiming a loss of $ 130,000 for the 2014 year. I worked full time at the business but did not take a paycheck at all. Can ...