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Similar questions have been asked, but I'm still not completely understanding. I have an LLC that sells apparel, and people have offered to give us donations because the idea of our company is to donate and volunteer. We don't have the money to become a non-profit currently if you were wondering. I don't want to get into trouble, so if someone offers a donation, should I just insist they buy something instead? |
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Well, simply said - sure. It cuonts as income. What it does not count as is deductable expense for the donators (they can not claim a tax break) AND you likely have to still write them an invoice and pay all relevant taxes (income, sales tax) although the sales tax may be avoidable (ask your accountant). In general, one thing I dont understand is why you even bother coming here. Really. I run a busienss myself and my first (AND last) contact for that is my accountant which gladly tells me exactly what aperwork he needs for that and how taxing hndles it in my country. Which brings me to the next point: you are not even bothering to tell me which coutnry you are in. I know two or three countries using the LLC denomination for a limited laibility company and half a dozen more which may LLC "translate". |
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