The bank said I need to file a "Foreign Registration Statement (Limited Liability Company)" in order to comply with the bank's membership guidelines, and the Idaho State Tax Commission said in response to my emailed query:
As long as you don’t have any Idaho source income, you don’t have an
Idaho filing requirement or tax liability. Just having an Idaho ...
The bank in Idaho requires you to "register" your company with the state of Idaho. In most states, the process of registering an LLC in a state requires paying an annual fee and filing annual paperwork. I don't know if registration is a requirement of this particular bank or the state of Idaho, but either way it is a nuisance for a small company to have to ...
Jon Schaub may have some valid advice, but there seem to be several critical defects with your interpretation of it.
You have to post income as income
You seem to labor under the impression that since your AirBnB revenue just pays your mortgage, that produces little or no income to tax. That would be the "in my wallet" accounting system, which IRS does ...
The LLC has nothing to do with the property unless:
It owns the title to the property
It is the management company to maintain the property
You haven't specified either. You just opened an LLC and imagined its related to the property in some unspecified way?
The comments mention that you own the mortgage in your name.
A lot of problems here. The LLC ...
You’re not required to pay yourself anything — you can work for your own company for free. But if you do want to take money out of the company for your own use, that has to be done either as salary or as a dividend, and there are restrictions on dividends — they normally have to be paid equally (per share) to all shareholders, and they can only be paid out ...
There are three ways for your friend to be involved:
It sounds like your friend is actually half owner but you want to treat him as an independent contractor to avoid dealing with legal formalities. There are two problems with this:
Your arrangement would be, in a sense, a lie and doesn't represent what is actually ...