Tagged Questions

0
votes
0answers
33 views

Credit card for business expenses: not 100% business OK?

I'm thinking of starting an LLC for my app projects, and I'd like to keep a separate business credit card to make the corporate veil harder to pierce. However, a lot of my business expenses are also ...
1
vote
1answer
257 views

Can a bank account accept checks written to two different business names?

Is it possible for a bank account to accept checks written to two different parts of an LLC? For example, I have ABC LLC, which operates at ABC.com, and I accept checks using both the ABC and ABC ...
0
votes
1answer
170 views

How to withdraw funds from my LLC as a guaranteed payment?

I have checks for my LLC but can I also use electronic transfers? My business account is "linked" to my ING personal account and doing a wire transfer would be less of a hassle.
1
vote
1answer
1k views

How to “pay” one self in a single member LLC w/ separate checking account?

I own a side company creating web apps. I formed an LLC, registered an EIN and opened a business checking account. Recently, I sold a copy of my software for let's say $10,000. Now, since everything ...
2
votes
1answer
154 views

Tax obligations of foreign operations for a US LLC

I live in a country where corruption and bureaucracy are widespread. Opening a business takes months and costs a lot of money, and will require one to hire somebody solely for handling all ...
4
votes
1answer
306 views

How To Do Single Person LLC Accounting?

I am in a single person LLC, so I am allowed to file my taxes on my personal return and I don't have to cut myself paychecks. I would prefer to take all of the money out at the end of the year. ...
4
votes
1answer
454 views

Is there any tax advantage or incentive to leave money in an LLC at the end of the tax year?

We're forming a 2 person LLC and part of what we're trying to figure out is how much to leave in the LLC to build up some capital reserves. Since an LLC is a pass through tax entity if the LLC earns ...
5
votes
2answers
631 views

Cloud-based accounting software [closed]

I am in the process of starting a business. The nature of the business is Photography (weddings, etc.). What would be a good accounting software solution (preferably cloud-based or SaaS)?
4
votes
2answers
1k views

Claiming Laptop as LLC expense

I don't have a separate bank account for my LLC (I am sole owner). I am planning to buy a new laptop. How do I claim it as an LLC expense, come tax time? Related questions: What are pros/cons of ...
1
vote
1answer
408 views

Annoying startup Tax question - I moved, company didn't

I started my LLC in Michigan in 2009, filed the required paperwork, and sent in my tax return for 2009. My company was just myself, and I worked out of my home in Michigan. After getting married ...
1
vote
2answers
155 views

LLC is in CA, but I am shipping products out of different state

My LLC is in CA, but I am shipping products out of a different state, does that create complications? Do I need to create s LLC in that other state too? My best Elke
16
votes
6answers
3k views

How to choose between Cash and Accrual Accounting

I just started my first business. I’m debating on whether to go with cash-basis accounting or accrual accounting. From what I’ve read it seems that cash-basis is the easier method, but accrual is more ...