New answers tagged

0

Try Mercury. It's a YC-backed company. They opened an account for our Delaware C-corp, which we established remotely via a registered agent.


3

When you made the loan to your LLC, you shouldn't have included it as a personal expense, and you shouldn't have included it as LLC income. By the same token, when you repay that loan, it isn't an expense to the LLC, or income to you personally. I suggest you get a professional accountant's advice (and not a $20 / hour bookkeeper you saw on a flyer taped to ...


0

An LLC is a "flow through" entity. Assuming you are the only member of your LLC, it's also a "disregarded entity". What that basically means is that the IRS treats the LLC is if it doesn't exist: the assets of the LLC (including its bank account) are treated as owned by you personally, and the income of the LLC is treated as earned by you personally. And ...


-1

You have to report the income, yes. LLCs have to make at least annual reports about their income and costs. I'm not an expert on the topic though and I even think that bigger companies have to make reports each quarter of the year. Is the income taxable? Yes, the interests it makes meanwhile in the bank account are taxed annually. However it's not income / ...


0

The best option in my opinion is to buy a share in the company, and get dividends when the company makes money. You will be taxed of course. And there must be a reason for the dividend, that’s why you must be not just company director, but a major shareholder. Dividends are not paid for work done, but profits distributed to shareholders. But that’s just my ...


Top 50 recent answers are included