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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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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336 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 ...
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1answer
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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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117 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. ...
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111 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?
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55 views

Tax rules for investment LLC's

I have a question about how investments managed by an LLC are taxed. For example, say I invest my own money and buy a stock and I sell it for a positive return. If it is sold in less than a year of ...
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1answer
107 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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180 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 ...
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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. ...
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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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28 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 ...
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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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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 ...
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266 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 ...
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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 ...
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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 ...
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122 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 ...
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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 ...
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106 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 ...
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70 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 ...
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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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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 ...
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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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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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69 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 ...
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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 ...
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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 ...
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176 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....
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70 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 ...
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62 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 ...
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0answers
83 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 ...
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509 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 ...
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92 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 ...
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110 views

Can I expense the rent for a three month contract abroad

I am a consultant living in UK using my own limited company. If I accept a contract to work in another European country, can I expense the rent I will have there?
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338 views

Does FL based consulting LLC have to pay NY state income tax?

An LLC is registered and based in Florida. It conducts consultations in FL for New York-based companies, wherein an employee of the NY company travels to FL for the consultation. At no point does an ...
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0answers
216 views

Foreign earned income exclusion for DE single-person LLC income

I am a US citizen living abroad. I pass both the bona-fide residency test and the presence test. I pay income taxes in the country where I reside. I am the sole member of a Delaware LLC, whose ...
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Tax on Temporary Member of Pass-Through LLC

I'm a member of a pass-through LLC in the state of Oregon, paid monthly via guaranteed payments. I was also paid a yearly distribution. The complicating factor is this: my membership shares having a ...