Questions regarding setting up and operating Limited Liability Companies
0
votes
1answer
125 views
Foreign LLC Fee for a non-US entity?
I'm thinking of working (as a contractor) for a Texas based business; I am interested in forming an LLC/LLP, and looking to do so in the most cost effective way.
I read that A LLC must register as a ...
0
votes
0answers
78 views
Can you shield your personal assets under an LLC? [closed]
Situation
I understand that an LLC acts as a legal barrier to protect your personal assets (savings, home, car, etc...) if you were taken to court on a judgment, all of those items unless extreme ...
3
votes
3answers
192 views
Is it worth it to create an LLC through Nolo?
Situation
I am in the process of educating myself about the inner workings of an LLC, it's forms of taxation, maximizing deductions, etc. through a couple of books from Nolo, along with Limited ...
1
vote
1answer
479 views
Should I register an LLC for iOS development?
I am currently developing an app that I intend to release commercially through Apple for iOS. If that is the only freelance development I am doing, are there any benefits to registering an LLC before ...
2
votes
1answer
124 views
Is it dangerous to buy equipment for a new LLC without guaranteed Income yet.
Hopefully I will manage to create an LLC pretty soon, within the next few weeks. I do not own a laptop and I was thinking in buying a laptop then I can write it off as a business expense.
What ...
0
votes
3answers
264 views
New LLC - Initial Investment
I have a newly formed LLC in California which I did through Legal Zoom. I understand I need to be careful with cash flow (with respect to where it comes from and goes). I am also in the process of ...
1
vote
3answers
124 views
Do I need to worry about estimated taxes if I hold a full time job?
Let's say I expect to generate $500/month of steady income from my side company (single member LLC). I work FT during the day and taxes are paid accordingly. Do I need to worry about estimated taxes, ...
1
vote
2answers
145 views
Changing from self employed to an LLC
At the moment I work self employed as a web developer creating websites.
One such website has become fairly popular and I'm considering adding trademarks etc, is it possible/straightforward to switch ...
1
vote
1answer
48 views
What should happen first: File for the Business or Find a Place to do Business?
The question came to mind when I went to file for the business which will be an LLC in Florida. One of the questions that came up was the address in which I will be conducting business. On the other ...
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
108 views
What should I watch out for when closing an LLC?
I'm declaring one of my startups kaput and moving on to another. The first venture, Stronico Contact Management, was an llc and had a ten percent partner. We declared it closed by mutual agreement ...
2
votes
1answer
83 views
Transfer product into LLC
In the last couple of month, i've built a cloud based application and it's now ready to launch. I also applied for LLC in California in last month, but waiting for the application to complete.
My ...
0
votes
2answers
58 views
Incorporating in Delaware, Does the owner have to create publications to be recognized as an LLC?
I'm planning to incorporate in Delaware. But not sure If from the start I have to create an x amount of publications to be recognized in the state as an LLC.
I incorporated an LLC In NYC and it was a ...
3
votes
1answer
114 views
Do health insurance premiums reduce an LLC member's capital account?
If the LLC covers the health insurance premiums for the members, does the amount get deducted from the member's capital account?
1
vote
1answer
81 views
Using DBAs For LLC
I am in the process of forming a LLC so that I may sell a product with the protection that an LLC affords. I am the sole member of said LLC.
I now have two more completely unrelated (to the LLC, but ...
2
votes
1answer
170 views
Starting a business in the States and then moving to Canada
I'm about to move to Toronto, ON, Canada, within months. I want to go ahead and start my business up now though, before I go there. Would there be any problem with this, and would I be able to ...
1
vote
2answers
139 views
Getting started with an LLC
Two friends and I have run a website for a year or so and now we are about to add in our premium model so we can start bringing in some money. I have been advised that we should register an LLC prior ...
2
votes
2answers
1k views
Filling out a W9 as a Single Member LLC
I previously operated my consulting business as a sole proprietor operating under my own name, using my SSN on W9 forms, etc. I have since registered an LLC and am starting to bring in clients. I have ...
2
votes
2answers
70 views
Are there restrictions on names for an LLC in California?
I'm forming a LLC in California in the coming months and I have come up with a few good names. Can I simply pick the one I like best and run with it (have graphics made, etc) or is there a chance that ...
0
votes
2answers
151 views
At what point do expenses turn to LLC expense?
I recently formed an LLC for a small idea I have, the LLC go effective in FL, USA on the 20th of this month. I have an EIN. At what point do expenses go on the books for the LLC? Is it when the LLC ...
2
votes
1answer
157 views
Software E-Commerce/E-Business Foreign Entity LLC and License and Tax requirements
I am wanting to startup a software, app, games business conducted through the internet.
I am in Missouri, the state where I plan to do work from.
I did research and found that Delaware or Nevada would ...
0
votes
2answers
212 views
What am I legally allowed to call my 'company'?
I'm a student, and I'm interested in making apps/websites. Thus, I registered for a Student account with App Hub {WP7 dev program.} I also made a website where people can play my HTML5/JS based game.
...
1
vote
1answer
73 views
LLC and Making Agreements with Others
About a year ago, I started my own (Michigan) LLC, of which I am the sole member, so that I could release an Android application that I developed as part of my computer science program.
Now, I have ...
2
votes
2answers
117 views
my business is in my legal name i.e. “John Smith” do I still need a DBA to form an LLC?
Being an independent artist, if my business is in my legal name i.e. "John Smith" do I still need a DBA to get an LLC ? The bank was asking for a DBA.
2
votes
1answer
183 views
Proof of managing director or signing officer for a LLC
I'm a member of a domestic US LLC, formed in the state of Delaware. I'd like to open a foreign exchange account with a vendor for my LLC to pay my suppliers in Europe.
The vendor requires a ...
1
vote
1answer
289 views
How Claim Operating Expenses on Pass Through Multi-Partner LLC
The LLC has operating expenses (e.g., internet, phone, etc.). How are these passed through to the partners? Form 1065 ln 20 provides for Other Deductions such as these (I believe). However, Schedule K ...
0
votes
2answers
276 views
LLC no money earned
We registered an LLC company. The company has not made any money, do I still need to pay the California state tax?
PLease let me know.
1
vote
1answer
97 views
Affiliate Marketing Income - When Should I LLC or Incorporate?
I am currently making a decent amount of income from affiliate marketing (people go to my site, click my link for product X, and if they buy product X, I make a percentage of the sale). I am ...
0
votes
1answer
56 views
best way to split/license domain name
i currently own a domain name in the name of an LLC. ideally, we'd like to license subdomains (e.g., productA.example.com, productB.example.com) to developers to develop applications that generally ...
1
vote
1answer
336 views
Setting up a small business in United States with Canadian citizenship?
Where can I find more information on setting up a small business in USA as a Canadian citizen? I need to incorporate in the USA, would this automatically allow me to work in USA? Or does there need to ...
2
votes
1answer
1k views
If I sell my LLC in an equity deal will I be taxed for long term capital gains?
I founded a startup in late 2008, as a sole proprietorship LLC. I was the only member in the LLC. It stayed that way until August of 2011, less than a year ago, when I added a minority partner to the ...
1
vote
1answer
205 views
Need to include expenses you paid yourself on an LLC's tax return?
I may have made a goof here and want to fix any problems.
I formed an LLC in 2010. In 2010 and early 2011, I paid the LLC's expenses out of my own bank account, using my own checks, and I had no ...
1
vote
3answers
303 views
100% virtual business, what city do I get a business license for?
I will be offering virtual business services online and could potentially be "working" from anywhere. Where should I get my business license? Does the city I get it for legally matter?
1
vote
1answer
119 views
LLC formed in WY, registered as Foreign LLC in CA, where to open business bank account?
Online, home-based company. Should I open a business bank account in WY or CA? Does this even matter? What different things do I need to be considering when making this decision?
1
vote
3answers
1k views
Didn't file LLC tax return for first calendar year, but no income/outflow
I formed an LLC 18 months ago, in 2010. Nothing happened in 2010- it didn't issue equity; it didn't have any income; and it didn't have any expenses (other than formation expenses, which I paid ...
0
votes
1answer
175 views
File your LLC's tax return before your own?
I am one of 2 members of an LLC that I started. The LLC had no income in its first year-only a small loss. I'm reflecting my share of the loss, as on my K-1, on the my own tax return.
If I file my ...
0
votes
0answers
102 views
What are the benefits for providing free services to a 501 non profit as a LLC?
I have been freelancing as a web designer/developer for about 5 years. Along the way I had a friend who started a 501 non profit and I offered to design and host their website for free. I never got a ...
1
vote
2answers
113 views
Address used on business license made public?
Starting a home-based internet services company and need to get a business license. Is the address I list to obtain my license {in this case my home address} made available to the public?
1
vote
2answers
1k views
What date to use as business “start date” when filing for an EIN?
My LLC was formed as of yesterday. I am now in the process of applying for an EIN through the IRS. The application asks for my business start date. I am an online business, and have not technically ...
1
vote
1answer
49 views
Attorney vs. Other Document Filing Company for Registered Agent/Service of Process in CA? Which is better?
I am trying to find a service of process representative (also known as a Registered Service Agent in states like DEL for example) for when I form my LLC in CA. Is it better to go with an attorney's ...
2
votes
2answers
842 views
Address to use? - Registering as a Foreign LLC in CA, formed in Delaware
I have a home business and clients will never need to come to my home in order for my business to operate. If I form my LLC in Delaware, I will have to register as a Foreign LLC for the state that I ...
2
votes
1answer
70 views
What if I decide that I want to change the state that I formed my LLC in to a different state?
For example, say I form my LLC in Delaware and then decide several months down the road or maybe even a couple years down the road that I want to change the state to Florida and form my LLC in Florida ...
1
vote
2answers
775 views
Forming an LLC-living in CA, related permits, tax treatment
My scenario: I currently reside in CA. However, I will be locating to the state of Washington by the end of 2012. I (no other employees) am starting a 100% online service-based company, which will be ...
1
vote
1answer
263 views
LLC profit/loss distribution in case of mid year ownership change
I understand that profit/loss is distributed among the LLC owners according to their ownership stakes.
What about if profit/loss if the ownership stakes change? Say for example, there are 3 owners, ...
2
votes
2answers
209 views
I formed an LLC on November last yr and dissolved it on December, should I report this LLC to IRS?
I formed a Delaware LLC on November last year, and soon I found that the c-corp is more suitable for my situation, so I decided to dissolve this LLC, it has been dissolved on December last year ...
5
votes
2answers
893 views
Should I form my LLC in NY or NJ for a mobile app company?
Two friends and myself are developing a mobile app that we will sell on the Apple app store and the Android marketplace. We have decided to form an LLC to sell the application. Two of us are located ...
2
votes
1answer
151 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 ...
5
votes
3answers
372 views
Selling assets of my company, can I treat as capital gains tax at 15%?
I've been approached by people wanting to buy the assets (not stock) of my company (single member llc) which consist primarily of
my mobile app
its source code
the server code that supports the app ...
1
vote
2answers
631 views
Equity split and keeping control of an early startup LLC in the long term
The CEO of an early stage LLC plans to keep control of the company in the long term. To achieve this, he plans on keeping at least 51% of the equity. The company has 6 founders in total.
While it is ...
2
votes
2answers
1k views
Non-diluting equity for founders on an early startup LLC
The CEO of a LLC early startup plans to assign non-dilutable equity to the founders. Each founder will take a small amount of equity, leaving a pool for future employees and investors.
IMHO, what ...
