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.
463
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Why would my job recruiter want me to form an LLC?
What are the benefits of forming an LLC when contracting for a high-paying job?
My recruiter is asking me to do some tax things that I don't really understand. He's also a bit of a snake so I am ...
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31
votes
6
answers
6k
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Why cannot LLCs be used to negate increased risks when doing leveraged investments?
Let's say that I am confident that some investment will grow by 15% per year, and that I have 10K to invest, and I'd like to use leverage to invest 100K.
What stops me from creating an LLC with 10K ...
- 487
31
votes
4
answers
18k
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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.
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28
votes
5
answers
11k
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Can I create an LLC to put my assets into it in case I am personally sued
This is kind of the reverse of what typically people do. Typically an LLC is created to protect the owner's assets if the LLC is sued. I'm looking at it in the reverse order. If I put my money into ...
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24
votes
6
answers
5k
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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 ...
- 149k
23
votes
1
answer
10k
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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 ...
- 929
21
votes
1
answer
4k
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Can I expense when buying my own lunch
I am organized as a single member LLC. And I work from home. I see that some corporations buy their employees lunch and expense it.
My question is... Can I order lunch or go out to eat by myself and ...
- 375
20
votes
6
answers
8k
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 ...
- 1,190
15
votes
3
answers
13k
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Transferring $ from LLC to Personal account
So I have done some searching here but have not found a question that summarizes my specific position, so I decided to ask it here. I apologize if it has indeed been asked before. Just point me in the ...
- 161
14
votes
6
answers
16k
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How to account for startup costs for an LLC from personal money?
If I start a business (LLC, specifically) and incur some of the startup costs with my own money, how do I account for this in the bookkeeping once the LLC's bank account is up and running?
For ...
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13
votes
2
answers
113k
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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 ...
- 233
12
votes
6
answers
15k
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How to determine how much to charge your business for rent (in your house)?
I started a business this year and have a dedicated room in my home for this business. How do I determine the rate at which I will charge the business rent for the space?
11
votes
3
answers
5k
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Do I have to pay rent to my father when the home is owned by a family LLC I partially own? [closed]
I am inquiring about an LLC-owned property that I am renting. I, along with my three brothers, are owners of the LLC.
My parents bought the house originally but then the LLC bought the property and ...
- 127
11
votes
1
answer
1k
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?
- 7,816
11
votes
3
answers
60k
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How can I invest my personal money in my own Limited company in the UK?
I registered a Limited company in the UK one year ago and I am the sole shareholder and sole director of the company. Now I want to invest £50k in the company so that I can buy products and rest of ...
user15165
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 ...
- 213
11
votes
2
answers
3k
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Setting up general ledger/tax reporting for a Real Estate Rental LLC in GnuCash
I have downloaded the GnuCash accounting software for use with our real-estate rental LLC, in hopes of following more universal accounting practices and determining our individual cash basis, but my ...
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10
votes
4
answers
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 ...
10
votes
4
answers
1k
views
LLC with $100K Profit - How to Reduce Taxable Income via Spending and Investments?
I'm a US citizen with a US-based single-member LLC operating in the internet space that will have $100K of profit / taxable income this year. I'm looking for ways to creatively (and legally) spend/...
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9
votes
3
answers
4k
views
Bank claims I'm personally liable for small business fees; despite leaving the company?
I opened a small business (partnership) a while ago and was a signer on a company account. I later left that company, with the other partner being responsible for whathaveyou, but was apparently never ...
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9
votes
4
answers
30k
views
How can I withdraw money from my LLC?
I am the sole member of an LLC. I am going to open up a bank account for it. I have $5,000 that I want to open it with.
If I understand correctly, I am allowed to pay myself from the profits at the ...
- 249
9
votes
2
answers
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 ...
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8
votes
2
answers
3k
views
Am I required to file taxes on an LLC that made no money?
I live in NY and created my LLC in November 2017. I didn't have any revenue for the two months of activity. Am I required to file taxes for 2017 on that LLC?
I can't imagine that they would want to ...
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8
votes
1
answer
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?
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8
votes
1
answer
228
views
Independent contractors and new U.S. tax law
I make about $70,000 a year working as a contractor. Currently, I operate as a sole proprietorship. I invoice my clients using my personal name (I don't even have a business name), and they pay me ...
- 2,741
8
votes
1
answer
610
views
How to receive packages pseudonymously?
I've incorporated an LLC and do business through it under a pen name. I'd like to receive packages at this LLC, addressed to my pen name, without having them sent to my home address. What's the most ...
- 182
8
votes
1
answer
22k
views
How do LLC losses affect personal income taxes in the US?
I know that LLCs have the benefit of pass-through taxation in the US and that any profits realized by the LLC are recorded as income by the LLC members, thus increasing their taxable income.
What is ...
- 1,299
8
votes
1
answer
778
views
How does one's personal credit history affect one's own company's credit rating?
Quick background: I have no intention whatsoever on actually getting any loan. However, to accept online credit card payments (eg. via Paypal Payments Pro), merchant account providers determine ...
- 1,269
8
votes
1
answer
136
views
Should I purchase health insurance directly, or through my LLC?
I am currently in the market for health insurance and have an LLC with myself as the sole employee. I would like to know the advantages vs the disadvantages to purchasing through my business. Also how ...
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7
votes
4
answers
170
views
Can I set up a second 401(k) at my LLC?
I have a 401(k) at work. I also have an LLC. Can I start a second 401(k) and contribute an additional $16,500?
- 261
7
votes
2
answers
437
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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7
votes
3
answers
274
views
What are some tax strategies for when you are self-employed with low income, but every 4-8 years you get a huge spike of income?
I am self-employed in the United States, and am working on long-term projects. Most years I don't make much (lets say $20k), but every 4-8 years, after a large project is complete, I expect to get a ...
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7
votes
1
answer
467
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 ...
- 243
7
votes
1
answer
508
views
Off-the-shelf Computer Software Depreciation
For the 2018 tax year, I'm looking to take 100% bonus depreciation on software expenses for my US (California) based LLC. While the tax code states that "Off-the-shelf computer software" is eligible ...
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7
votes
1
answer
529
views
Solo-401k interaction with employer sponsored 401k. Limits of contribution from Schedule C income
I'm quitting a job at the end of this year. I want to start a solo-401k for all my schedule C income and I have a couple of concerns:
If my employer were to, for some reason, pay me in 2015 some ...
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6
votes
2
answers
2k
views
Limited company expenses not allowed
A small UK limited company paid out money, but it is not allowed as expenses, either because receipts were lost, or the payment was made for things that HMRC doesn’t accept as valid expenses. That ...
- 21.8k
6
votes
1
answer
5k
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Corporate structure for sole purpose of gambling.... LLC vs S Corp?
I need advice as to what would be the best-perceived corporate structure for a gambling entity: sole person LLC or S Corporation. I am a sports bettor; I live in Las Vegas, NV. I only bet on NBA ...
Christian Holland
6
votes
2
answers
2k
views
Does a US LLC owned by a non-resident alien have to pay US taxes if it operates exclusively online?
I'm a European citizen living in Europe. I intend to register a Limited Liability Company in the US to sell Wordpress themes and do some affiliate marketing. My target will be all English speaking ...
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6
votes
3
answers
2k
views
Owning properties through an LLC - how to split the LLC expenses?
I own some rental properties through my LLC. While most of the expenses can be attributed to a property and find their way to schedule E, I'm puzzled about the LLC expenses... In California its ...
- 149k
6
votes
1
answer
1k
views
Is PAYE Mandatory for Making Salary Payments
I am the director of a limited company in England and Wales and am the only worker and shareholder. I understand that it is advantageous for me to draw a salary from the company and also take some ...
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6
votes
2
answers
418
views
Is this formula accurate for weighing the difference between an S-Corp and LLC?
I have been doing much research before deciding on a S-Corp or LLC for an online start-up (2 people, software as a service). I've read lots of explanations of the two and their differences and I've ...
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6
votes
3
answers
895
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What is considered a business expense on a business trip?
Scenario: I own my own business (LLC). There is a business-related conference that I wish to attend that requires travel. I assume airfare, cabs, hotel and conference tickets are all obvious ...
6
votes
1
answer
3k
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Single member LLC capital contributions and IRS reporting
I have a single member LLC which is a disregarded entity for IRS purposes. I have a new attorney who told me that when ever I make a capital contribution to the LLC out of my own pocket or transfer by ...
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6
votes
6
answers
29k
views
Which is better when working as a contractor, 1099 or incorporating?
When working as a contractor, is it better to work as a 1099 contractor or rather incorporate as a C, S or LLC corporation? (with one employee/owner/board member)
(assuming that the pay is the same ...
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6
votes
3
answers
293
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 ...
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6
votes
2
answers
3k
views
Is it possible to add a person to an existing LLC?
I have an existing LLC of which I am the sole owner/agent. I would like to add my spouse to the LLC as the second owner/agent. My reason for doing this is because I would like to file taxes for the ...
- 101
6
votes
1
answer
213
views
Tax deduction for stuff I bought before LLC was formed?
I bought $10,000 worth of materials (with my personal credit card) for a new business. I formed a domestic LLC (USA) about 3 weeks later.
Can I "sell" or "transfer" this startup cost to my LLC (which ...
6
votes
1
answer
122
views
The board of directors in companies
I understand how a board of directors works. I have few questions about it, they're elected by the investors, but do they belong to certain agencies or do they work for the government or do they work ...
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5
votes
3
answers
3k
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I'm about to be offered equity by my employer. What should I expect?
I'm not expecting to potentially be screwed over in any way (this is being given to me alongside a raise and a promotion so it's more of a cherry on top.) I was told in passing that I'll be vested at ...
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