10
votes
Accepted
How to tell if my LLC's registered agent has resigned?
You should check if they're still listed as a valid registered agent here.
To change your registered agent, you need to submit one of the forms listed here. Your new registered agent would probably ...
- 166k
8
votes
Accepted
Should I keep track of money flowing out of my business bank account, when it's not used for business purposes?
In the US, LLCs are separate legal entities from their owners. This is different from tax purposes, where LLCs may be treated as "disregarded" entities and be indistinguishable from your own ...
- 166k
7
votes
Accepted
Do you need a business name to use an EIN
With a sole proprietorship, you and the business are the same entity, so unless you want to work under a different name using a fictitious business name or DBA (doing business as - a lot of states ...
- 6,508
7
votes
Accepted
How can I move my accidentally dissolved LLC into a new LLC?
Generally "administratively dissolved" means you're not compliant with the statutory requirements and your liability protection is disabled because of that. In order to reinstate your LLC to ...
- 166k
5
votes
Accepted
Can I save capital gains taxes by purchasing stock/crypto as part of LLC?
In the US, LLCs are disregarded for tax purposes unless explicitly elected to be taxed as corporations. Corporations can be of two kinds: S-Corporations (taxed under the Sub-Chapter S of the IRC), and ...
- 166k
4
votes
How to calculate tax deduction for first year of opening an LLC when funding it from your salary?
In additional to Stan's technical answer, some more points to consider:
LLCs in the US tax law are generally disregarded unless explicitly chosen to be treated as corporations. That means that for a ...
- 166k
4
votes
Accepted
How to calculate tax deduction for first year of opening an LLC when funding it from your salary?
Big assumption here: based on your question this is a single-member LLC treated as a disregarded entity. It doesn't matter how the LLC is funded (from her day job, from savings, etc.), it won't impact ...
- 6,508
4
votes
Does providing IT services to a company in California from another state constitutes doing business in CA?
You may not be surprised to learn that California is extremely aggressive when it comes to business income earned by non-residents. They use what is called "marked-based sourcing":
Under ...
- 15.7k
4
votes
Accepted
Tax deductions for a rental property, personal vs LLC
When you have a rental property, income and expenses are calculated on the business side and flow to your Schedule E (it's possible to have rental activity on your Schedule C, but it's a very high bar ...
- 6,508
3
votes
Is it better to get a resale certificate or register an LLC in CA?
The legal entity choice is orthogonal to the taxes questions. Your choice of legal entity doesn't change anything with regards to resale certificate or whether you can deduct expenses or not.
LLC is ...
- 166k
3
votes
Trying to understand 1-person LLC taxes (paid myself as W-2)
First off, in the situation you're describing, the correct way would have been to put all your business income on Schedule C line 1 and be done with it. There's absolutely no reason to issue a W2 to ...
- 166k
3
votes
Accepted
Rent machines from myself as an LLC?
This is not exactly a personal finance question. I'd suggest to structure your LLC properly with a professional legal and tax advice from an attorney and a EA/CPA licensed in your State.
You should ...
- 166k
2
votes
Must an LLC electing federal s-corp status also elect state (NJ) s-corp status?
No, it will not be disregarded.
The NJ division of taxation requires to explicitly request an S election, but not an entity election. The election to treat your LLC as a corporation filed with the IRS ...
- 166k
2
votes
Should I keep track of money flowing out of my business bank account, when it's not used for business purposes?
I have never had an LLC so I can't speak to the details of the legalities. That said:
There's little value in setting up a "business" bank account if you're going to also use it for personal ...
- 22k
2
votes
Questions regarding large expenses in the first year of LLC
You wrote a lot, it's hard to see what it is that you're asking, so I'll first try to summarize my understanding of your question and then I'll answer it.
You're starting a new business. The business ...
- 166k
2
votes
Accepted
Order by personal merchant (say Amazon) account, pay by business debit/credit card?
Based on the chat, I think you are worrying about nothing.
Disclaimer: I am not a lawyer, nor an accountant, but just some random Internet user.
I suppose the main concern here is taxes. As long as ...
- 2,620
2
votes
How to structure a company/entity that accepts money from friends/family to invest and gain interest/dividends/gains?
You're talking about an investment fund. Legally, these are usually partnerships ((G)P, LP, LLP, LLLP, or LLC). Which one specifically would depend on the specific details of your organization, and ...
- 166k
2
votes
Multi Member LLC Fraud
Depends on where it is going. If it's being pocketed by the individuals, it's probably embezzlement. If it's simply being spent as fast as it comes in, or faster, it may be entirely normal for that ...
- 42.9k
2
votes
LLC tax for non US citizen
In the US, unless you explicitly elected otherwise, LLC is invisible for Federal income tax. If it's a single-member LLC (i.e.: you own 100% of it) and you made no election - the revenue just flows ...
- 166k
1
vote
Do I need to file form 5472?
You have not filed the form 2553 to have the LLC being treated as a corporation, as such part V applies and it sounds like you do need to file if there were contributions and formation costs.
Better ...
- 166k
1
vote
Understanding S-Corp election timeline
According to the IRS, the form is due within 2.5 months of the beginning of the first tax year during which you want the election to become active.
Also, according to the IRS, the deadline for S-Corp ...
- 166k
1
vote
Contribution from personal checking account to Solo 401k as Single-Member LLC
Your LLC is a disregarded entity from tax perspective, so it doesn't matter at all. For liability protection it is generally advised to completely separate business funds from personal, but that's not ...
- 166k
1
vote
401k Contributions Guidance for Two-Member LLC in a Community Property State
Both of us were actively involved in the LLC's operations, each contributing more than 500 hours of work (met material participation test).
This is confusing. How come you earned 200K and your spouse ...
- 166k
1
vote
How split LLC income between spouses in tax form?
What if we had an operating agreement with, say, a split of 10/90?
But you don't. You have an agreement with a 50/50 split. Whether you file as a QJV on Schedule C or as a partnership with 1065, you ...
- 166k
1
vote
Accepted
Minimum wage in an international payroll context
The employer needs to abide by the labor laws of every country where it has employees. So if the UK company has employees in the UK and in that other EU country then yes, it needs to abide by the ...
- 166k
1
vote
Just started first LLC, can I pay myself for things?
In the US, LLCs are disregarded entities and have no effect on your taxes (unless you explicitly chose to treat them as corporations). So for tax purposes this is a no-op.
To make sure you keep your ...
- 166k
1
vote
Can a Disregarded Entity has a loss on schedule C deduct a loss on the personal return?
LLC has nothing to do with your question.
Active activity loss on Schedule C will only flow to form 1040 line 3 if all the investment is at risk (and then it reduces your total income).
If not all the ...
- 166k
Only top scored, non community-wiki answers of a minimum length are eligible