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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financial institution wants share member break down for single member LLC
Due to latest crop of regulations, a particular financial institution is requiring a share member break down for a single-member LLC, an odd step in verification since there is only one share member ...
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Tax Benefits of Loaning to Loss-Making UK Company
I have a limited company in the UK that is, unfortunately, currently making a loss. The company has been loaned cash (about £2000) by myself but isn't making a profit yet and I have taken no salary ...
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How much of my losses due to investments in a LLC can I deduct?
In 2013 I invested $90k for a 20% interest in a LLC and am a material participant. The LLC reported losses of $340k in 2013 and $180k in 2014. My losses were $68k in 2013 and $36k in 2014.
How ...
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old LLC - revival question and Tax implication
I have a LLC in AZ that I opened in 2007 for consulting purpose on the side, filed taxes on it the first year then life got busy and did not do any consulting on the side for last 7 yrs and never ...
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Creating a Limited company while still fully employed
I am thinking of doing contracts instead of full time employment in the IT sector. I have researched that I can go Limited and employe an accountant for all the tax, payroll and dividends. I have not ...
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Do I owe taxes in the US for my LLC formed in the US but owned by an Indian citizen?
I formed LLC in 2010-Connecticut. I am NON US resident, from India. I use paypal for all my transactions. Business type is online training. I pay $800 per month for person working for US LLC as ...
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LLC Partnership Earned Income vs. Partnership Share
When filing taxes for an LLC-Partnership, what should be done if the earned income varies from that of the partnership share?
For example, if there are 4 members, and $100,000 is earned, their ...
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Do we need to provide a TIN or ITIN in the W-8BEN form?
We are non-U.S. investors investing through an LLC into ventures. The ventures have operations in Brazil but some have Delaware holding companies.
Do we need to provide a TIN or ITIN in the W-8BEN ...
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Advantages of Shareholder over Director in new Company
I am forming a small company with a few others (in Australia).
I can elect to be a director if I wish, or merely a shareholder.
In either case, the shares will be evenly distributed between us.
I ...
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Should rented software be included on my LLC's balance sheet?
I am an incorporated freelance user experience (UX) designer with an LLC, and my state requires a personal property return with a balance sheet every year. I'm using cash accounting for my business ...
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In an LLC Partnership, does each partner report expenses in the partnership tax return or personal tax return?
Does each partner report their business expenses in the LLC partnership tax return or their personal return? Does the amount each partner reports as a business expense, affect the ownership in the ...
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Does the filing fee for an LLC count as a business expense when paying taxes in the US?
I formed an LLC this past year. Does the filing fee to form the LLC count as a business expense for tax purposes? What about for each reoccurring year?
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In an LLC formed in the US, if the partner puts in money, does this show up as income on my personal taxes?
I formed an LLC this past year where the ownership of the LLC is split 50/50 between me and my partner. When we created a bank account, my partner put in $400 and I put in $0. Besides the interest ...
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How does LLC affects my taxes?
I read this article http://www.watsoncpagroup.com/kb/How-does-an-LLC-or-S-Corps-income-affect-my-taxes_73.html but still can get it. My scenario:
I work for a company full time and earn (let's say) ...
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What is the average cost of a LLC tax return and what it entails? (FL)
I want to understand the cost associated with complying with yearly maintenance of a Florida LLC.
This answer outlines some of the costs, but does not specify what is required
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Creating a personal company [closed]
I'm developing several software which will be (I hope) really useful and will find it's customers, I'm doing it all by myself. For graphical works etc. I hire freelance designers online, but ...
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If you have a Delaware LLC you don't need, is there a free way to get rid of it?
Say you set up a Delaware LLC, but due to unforeseen circumstances, you end up not needing it at all.
Can you simply do nothing and just ignore unpaid franchise tax, closing fees etc - or will that ...
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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 ...
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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 ...
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Can a husband and wife who are both members of the same LLC file a joint tax return?
My question is basically summed up in the title. My wife and I are active members of a new LLC which also has other members. The LLC is taxed as a partnership, so profit/loss is simply passed through ...
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Special bank account required for a LLC?
I've just incorporated my first LLC in the UK. I'm now looking to open a new bank account to keep my personal finances and the business finances separate.
Could I sign up for say a regular Halifax ...
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Process for dissolving a recently-opened Colorado LLC?
I need help dissolving an LLC a couple of friends and I created. It seems as though we jumped into this much too quickly and unfortunately, things did not go as we had planned.
I am in the U.S. and ...
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US tax liability for a non-resident with a US LLC that does business in the US
I'm a non-resident of the US and I've never been to the US. However, I have an LLC in the US. I sell computer software warranty services where we fix computer problems remotely from India. I have a US-...
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Consult as an individual or as a company?
I work full time (so benefits, etc are covered), and recently have been offered a consulting position for a previous employer. I have read and fall within the acceptable guidelines of the Moonlighting ...
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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
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How do Transfer Agents/Share Registrars get the names of beneficiary shareholders
If Transfer Agents need the names of the beneficiary share holders (e.g. for corporate actions / book closure), how do they get this data - from the stock exchange (or) Central Custodian (or) bank ...
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Incorporating, issuing stock and evaluating it
Imagine that I incorporate my company in some place like Delaware and issue 10,000,000 in shares and start to offer these share for $10 each. To attract investors, I offer 3 months of free hosting for ...
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Filing Form 7004 if an LLC's only members are husband and wife
I need to file tax extensions.
I already know I need to file Form 4868: Application for Automatic Extension of Time
To File U.S. Individual Income Tax Return. I expect a refund, so I'm sending no ...
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Do common stocks and preferred stocks have any differences in terms of percentage of the company per unit they represent?
Forgive me but I'm totally ignorant on this regard. Given that I may not be able to ask the right question.
AFAIK, they differ in terms of how dividends are being paid and by how much. But do common ...
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Equity or alternative compensation in an LLC?
I am currently working for a real estate startup (LLC) that wholesales REOs nationwide.
I was one of the earlier employees to get hired. Since my time of employment, the company has been expanding ...
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What's the minimum revenue an LLC must make in Florida or NY states?
Here in Italy, if you open a small company (sort of LLC) you must have a minimum revenue, and therefore you must pay a minimum amount of taxes every year. Too bad for you if you are not making money; ...
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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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Can I set up a retirement plan for an LLC with negligible income?
I am currently working as a W2 contractor, with no access to a 401(k) plan through the contracting agency. However, I do own an LLC, with, unfortunately, negligible revenue earnings. Here are my ...
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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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How can I save LLC fees when investing in Arizona real estate from California
My sister, brother and I (who live in California) want to invest our money in Arizona real estate. We would like to hold the property in an LLC for liability reasons, and we would really like that LLC ...
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What does "LLP" stand for in the name of an organization?
What does LLP stand for? As in the example name "Flood Law Group, LLP".
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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 ...
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If you work from abroad for a week, does that count as a business expense?
I'll be working from abroad (I'm in the US and going to the UK) for about a week. I'll be spending my days 8+ hours working, and spending the nights out.
Can I deduct the plane ticket for this trip ...
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Do I need to file income taxes for my business if it made no money?
I have an LLC. It made no income this year. Do I need to file any tax return forms for it? If so, what forms are should I file?
My LLC is incorporated in the State of Illinois. I'm a US citizen. I've ...
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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 $...
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How does LLC ownership work in relation to U.S. tax law?
If an established LLC business offers ownership to a new member, will that member owe federal tax even though that member has still not realized any gain?
Let's say for example the LLC is worth $10M ...
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What are the tax implications of lending to my own LLC?
Well, as I mentioned before, I'm buying rental property under the name of my LLC (California). I used cash for the purchases, but the initial investment I made in the company was not enough to cover ...
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Can a single-member LLC have a fiscal year not as the calendar year?
Well, the title pretty much is the question. I'm in California, and its a disregarded entity. It matters for the LLC tax, and a positive answer will save me $800 cash. With references please, though:-)...
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Is there a NY tax form to use when one is missing a K-1 (or 1065) from an LLC?
I invested in an LLC that has for the most part gone under. The LLC exists but I do not think that I will receive a K-1 for for 2011. My understanding is that there is a tax form I can fill out to ...
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Expensive agenda book/organizer. Office expense or fixed asset?
I am unsure how to book an agenda book/organizer that was purchased for our business. Normally I book office/organizational expenses (notebooks, printer ink, etc.) as "Office Expenses" but the cost ...
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How do I deduct from Sales Tax Payable in Quickbooks?
(This question could probably use a better title)
My current process for paying sales tax works as follows:
I collect payments against invoices from clients throughout the month
As I collect these ...
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Sales taxed amount in Accounts Receivable?
When I enter a new invoice for a client, for example $1062.50 ($1000 + MA sales tax) do BOTH Accounts Receivable AND Sales Tax Payable go up by the following?
Accounts Receivable +1062.50
Sales Tax ...
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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 ...
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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 ...
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Can I skip Sales Tax Payable and just transfer directly to dedicated bank account?
I am trying to account for sales tax. I just totalled up a Quarter of sales tax and normally, I would create an entry like:
Debit "Business Income Checking Account" (true checking account)
Credit "...