Questions regarding setting up and operating Limited Liability Companies
6
votes
7answers
580 views
Prospective partner refuses to sign no-compete as person
After much search, it seemed that I have found a suitable partner for my IP based startup. Things seemed to have progressed well until I asked him to sign a no-compete agreement as part of the deal. ...
2
votes
2answers
562 views
Costs associated with starting an LLC in Massachusetts?
I am going to be starting a LLC business (wedding photography) and I was curious about the associated costs. The business will be registered in Massachusetts. I understand that an exact number may not ...
1
vote
1answer
255 views
Rental Home LLC
I currently own 2 houses, one of which is currently a rental property (and rented out), and the other will be starting in june. Is it worth it for me to form an llc, and can the llc own those houses ...
0
votes
3answers
295 views
Single person LLC, with overseas employee and double taxed
I have a single person LLC setup in the US and have someone who works for me in Colombia and will be paid a percentage. Since all the money from the company would flow into the US account and be ...
4
votes
1answer
361 views
US Taxes Filing Process for Zero Revenue LLC's
I am currently employed full-time but the rest of my time is spent on my startup LLC. I was wondering when the US taxes deadline is for LLCs and, more importantly, what the filing process is when you ...
1
vote
2answers
604 views
Can I pay a passthrough LLC member via a paycheck instead of a distribution?
I was doing the books for an LLC last year and our accountants told us that paying one of the members via payroll was not the correct way to pay them and that the member should be paid via a ...
0
votes
2answers
382 views
LLC, how to get paid?
A friend and I have started an LLC. We'll be doing web/interactive and video services. Since some of these services take longer than others is it ok for the members (my friend and I) to be paid ...
0
votes
3answers
202 views
Multi-state member web design company - Do I need a registered agent in each state?
After a TON of reading over the past few weeks, I think I am almost ready to file for a LLC. My only remaining question is:
We are a four member team, each in a different state. The company will be ...
4
votes
3answers
3k views
Multi-Member LLC - question setting up my EIN
Thanks in advance for any help answering this question.
I have already set up a multi-member LLC in New York State. I attempted to register for an EIN as an LLC but was told by the IRS that I would ...
6
votes
1answer
886 views
C Corp vs LLC Taxes
I'm trying to figure out the various taxes taken out for a C Corp vs LLC. Single-member/ shareholder. (C Corp has more deductions.)
C Corp: (1) Tax on profit (after deductions), (2) Payroll tax ...
0
votes
1answer
272 views
Equity research advisory startup: right legal structure
I have a few questions:
Whether LLC or LLP is better for equity research advisory business? Or there should be any other legal structure?
Can LLC be registered in Ontario (Canada)?
If there is ...
1
vote
1answer
255 views
Business Operating under 2 names for CC purposes
I currently have a LLC that I am operating under. I am wanting to start a web service that will be accepting credit card payments. The web service will go under a name that is very different then my ...
1
vote
5answers
477 views
US LLC wants to purchase services of Canadian DBA in a third country. How?
For the past two years I have a US based consulting LLC (in PA). The business is international and for the last year 90% out of the country.
Actually I have a project in Chile and need the services of ...
5
votes
9answers
2k views
Are LLC and “S Corporation” the same thing? What are the differences?
From what I have read, both LLCs and S-Corps give you the benefits of a Corporation for legal purposes while avoiding double taxation.
However, I can't determine what the difference between the two ...
2
votes
2answers
427 views
To which state would my taxes be paid in my LLC?
I will be starting an LLC with 2 other members and have the follwoing questions about where to LLC or Incorporate:
Basic outline of the organization:
2 of the partners will be residing in WI and the ...
4
votes
5answers
2k views
When operating an LLC, how do you pay company expenses?
When operating an LLC, how do you handle company expenses? Do you pay for them yourself and deduct them on your taxes (as it is a pass through tax entity), or do you pay for them from the company ...
5
votes
3answers
2k views
Should we convert our LLC to a C-Corp?
We've reached a point where we need either hard capital or strategic hire capital and as an LLC it seems like it is much harder to grant capital (either immediately or in a vesting process).
Also, ...
3
votes
3answers
273 views
LLC Remove Owner
Assume an LLC has 2 owners, each at 50%. The owners mutually agree that one will take 100% ownership to switch the LLC to a disregarded entity, and the other owner will be dropped off completely.
...
0
votes
1answer
102 views
business start day
Does anything of the following constitutes as a business start day for my newly formed LLC?
Paying freelancers to build the website which the LLC will be conducted under.
Revealed to the press that a ...
1
vote
3answers
328 views
Can a Legal Immigrant file for a LLC or Corporation?
I'm on H1B visa. Is it legal to register a LLC or corporation?
0
votes
5answers
266 views
Some advice on if i should register as an LLC, corp or none of the above
I'm going to be working with some friends to start up a few websites. It won't always be the same group of people working on each site. Initially we expect to make no money on any of these sites. In ...
2
votes
1answer
3k views
How to value intellectual property capital contributions to LLC?
My LLC operating agreement details the cash and non-cash initial capital contribution of the members. One of them is contributing the source code of the program that will be basis of the company.
...
1
vote
2answers
557 views
How specific should my answer be for type of business on the California LLC-12 form?
In the California LLC-12 form, Item 12 is "Type of Business". How specific should my answer be? I want to leave it as general as possible give myself the maximum flexibility.
In case I need to be ...
1
vote
3answers
349 views
Property in state A. Can I make an LLC in state B own it with minimal hassle? (not doing any business, just holding the property)
I have property in state A I want a new LLC in State B to hold. The LLC wouldn't be doing any business or have income. If I want to get maintenance on the property (not lawsuits) would the companies I ...
1
vote
4answers
114 views
full-service incorporation/taxes/etc… firm - worth it? recommendations?
I'm interested in forming a one-man LLC in California, to do a website software-as-a-service (SaaS) business. But the more I look into it, it seems like a lot of paperwork and tax filings (e.g. ...
2
votes
1answer
223 views
Florida LLC Filing Address for Apartment Renter
I live in an apartment in Florida and I have a PO Box. My lease contract prevents me from registering a business as the physical address.
I was going to use my PO Box but the registration form says ...
1
vote
3answers
306 views
Wanting to create another startup, should I create another LLC?
I already have one "startup" going, which is my web development job on the side. I have created an LLC for that. I now what to start another startup in a whole other industry. It will basically ...
0
votes
3answers
1k views
Freelance Web Designer - Should I do LLC or just file SE 1040
Just keeping it simple. I am a freelance web designer, I have an accountant, and I take payments payable to my name. Is there any reason I should form an LLC? Am I safe to continue doing what I'm ...
9
votes
4answers
1k views
Finding a good lawyer / accountant for my startup
I have been told that deciding how and when to incorporate my startup is best answered by speaking to an accountant or lawyer about my individual needs. Besides relying on referrals, how can I ...
3
votes
1answer
376 views
When would US based company need to open foreign subsidary?
I currently have an online based company LLC in the state of California. I sell products that customers place orders and I can ship world-wide. I do all my manufacturing in Spain then import into ...
4
votes
3answers
616 views
The effect of my personal credit on my new LLC
If I have "less than stellar" credit, does this mean that my new LLC starts off with the same "less than stellar" credit ranking?
3
votes
4answers
2k views
What does it entail to form LLC in Nevada, if I live outside Nevada?
What does it entail to form LLC in Nevada if I live outside Nevada? I would like to benefit from Nevada's tax/business-friendly laws.
I would be the sole founder a software business. The product(s) ...
3
votes
4answers
2k views
What is the most tax-efficient structure for an LLC where the principals aren't drawing salary?
My partner and I have day jobs so we don't need to (or want to) draw salary from our startup. Our startup is already profitable but in our ideal world, the bank account associated with this startup ...
1
vote
2answers
53 views
Is the Secretary of State the general office, state to state, for registering a company?
All varying acronyms of incorporation aside, what exceptions (i.e. particular states) are there to the assumption that from state to state, if I need to register my company (for whatever particular ...
0
votes
2answers
112 views
LLC in Maryland or Massachusetts?
What are the advantages and disadvantages of starting a LLC in Massachusetts, versus Maryland? It's a lot more expensive to file annual reports and get a license to operate an LLC in Massachusetts ...
4
votes
1answer
564 views
LLC and address
I know this has been asked million times but i am still not sure. I bought a PO box number recently.
I have looked at Mailbox Forwarding and EarthMail and others but none of them have addresses in ...
4
votes
3answers
437 views
US LLC formation for non-US resident
I plan to form an LLC in Delaware. I'm a citizen of an EU country and a resident of another EU country. Now... I manage a website that targets one of these countries and I need to be able to charge ...
3
votes
4answers
1k views
Maintaining LLC control with less than 50% ownership
Hopefully someone can gimme a hand. This is actually a question for a school project, but I've got some ideas kicking in my head for a startup, so I have good cause to know this for personal benefit ...
1
vote
2answers
180 views
Business banking outside home state?
I am starting an internet service business, which I have registered the LLC in Wyoming. Although I reside in Illinois, I travel all the time for work and would like to maintain my Wyoming corporate ...
1
vote
2answers
200 views
Switching from a partnership to an LLC
I started my company as a General Partnership - partly to avoid fees while still ramping up, and partly because I wasn't foreseeing large revenue in the intial year.
Time went by, and now I need to ...
4
votes
6answers
1k views
forming single member LLC for internet website
I live in Texas, and want to form a single member LLC (not decided which state).
If I have paid visitors from all over the world, do I need to register foreign LLC in other states even though I am a ...
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 ...
2
votes
1answer
98 views
“Foreign” registration — what is the threshold?
At what point do I have to register my company in another state as a "foreign" company?
I own a NH LLC. If I travel to VT to demo a product for a customer, does that rise to the level of doing ...
3
votes
5answers
673 views
S-corp or LLC for new software business in the United States
Pertaining to a new mISV (software business), should I choose an S-Corp or an LLC. Which would you choose and why?
4
votes
1answer
324 views
What questions should we be sure to answer in an operating agreement?
I'm at the point of forming an LLC with a partner, and wondering about questions that aren't obvious but that should definitely be included in an operating agreement. Questions like,
What are the ...
6
votes
2answers
1k views
How does a business owner take money out of their business
Let's say I own a business selling widgets on the web. I'm incorporated, most likely an LLC. The business is doing really well and there is a lot of cash flow. Since I'm separated from the business by ...
5
votes
3answers
374 views
should I form a 1-man LLC?
I am a student and do freelance programming work to pay the bills until I graduate and maybe even after. I live in Kansas but I do freelance work across state lines (in Missouri currently)
Is it a ...
1
vote
1answer
116 views
redistribution of equity
If you have several founders and stocks are allocated, is it ethical or even legal for the majority stock holder to simply absorb the stock of the ones that dropped out instead of redistributing it ...
2
votes
6answers
4k views
Can You Be A Partner Without Putting Up Money?
I'm running a LLC that is a spin off of another LLC. I was working for the original LLC for a year when the 2 partners decided to start the spin off LLC. I let the partners know I wanted to be ...
1
vote
1answer
294 views
What business structure should I have if I want to offer convertible debt notes?
I'm thinking about forming a single-member LLC (in the US), but I've never done convertible debt notes (bonds) before, so I don't know what impact that would have on my business structure. Is there ...
