LLC FAQ
What Other Visitors Have Asked
Click below to see questions from other visitors to this page...
How does one add a member to an existing single-member LLC?
How does one add a member to an existing single-member LLC? Can both members then be managing members? If necessary, how is this designated?
Answer ...
Show me the money
How do I get paid as a managing member of an LLC?
Answer
You write a check to yourself from the LLC's bank account.
Payments received by members ...
can I insure multiple LLC's under the same general liability policy.
I have multiple rental properties I want to put on one insurance policy. Can I do that?
Answer
Ask your insurance agent about this one. I'm not ...
Spouse as a member
If an LLC protects a person's personal assets from liability does a spouse have to be listed as a member to also be protected even if not involved in ...
LLC ownership?
Can A single member LLC be owned by a C Corp -- therefore, 100% owned by a C Corp?
Answer
Yes, an LLC can be owned by another corporation, LLC,...
how do i get off an llc
My partner and I split up in 2006. My name was taken off the LLC bank account, but today I looked up the corporation and it still has me as a member. Am ...
do i file if no business conducted in 2008
I applied for my ein in 2008 and was unable to start business at that time. do I still need to file a tax form?
Answer
Was your LLC formed in 2008 ...
Managing Member vs Member
In a LLC structure, is there a difference of being called or titled a Managing Member vs being titled or called Member?
Answer
All Managing Members ...
llc question
can a registered agent be a managing member at the same time?
Answer
Yes. Anyone with a street address can be a registered agent for an LLC ...
Can a member be a foreign limited company?
I have form a LLC company and I need to include a member's name. Can this member a foreign limited company?
Answer
Foreign LLCs can be members ...
What is the best way to start financing real estate?
When would be the best time to form an LLC, after first property? Should I purchase with personal credit then quitclaim to the LLC to start out? Does it ...
Self Employment Tax
I have a few questions.
It is to my understanding that a LLC owner must pay self employment tax. If I file a form with the IRS to treat me as a S-corp,...
If I form individual LLC's for real estate, What is the big company?
If I was to form an individual LLC for each house I buy, how does it work in the big picture. Is there one company above all the individual LLC's?
Answer ...
Independent sales rep should they incorporate ?
Independent sales rep should they incorporate ?
my wife is a MaryKay consultant and i an independent sales rep for a manufacturing company.Should we incorporate ...
Capital Contributions
Would it be sufficient to write "capital contribution" or "start up" on the memo line of your check from your personal account in terms of documentation ...
We have a sub-s corp and a dba each with it's own Fein#
We have a sub-s corp and a dba, each with it's own Fein#. We file one tax return under the sub-s corp name which includes all the activities of the dba....
writing cost estimates and contracts from an LLC
On the subject of limiting liability to the LLC, I understand that contracts need to by signed by the LLC and not a person (i.e., it is signed by a member ...
document to remove a name
What document do I use to legally remove my name from an LLC and it's liabilities?
Answer
When you say "remove my name" from a limited liability ...
LLC Structure
Trying to figure out whats best: DBA or LLC. Basically, I want to protect our home first and foremost. Been married 6 months and the home is in my wifes ...
Can a company LLC that owns real estate, as well as a business, also be the same LLC for a self-directed IRA?
I am interested in putting my assets--thus far two parcels of land--into an LLC as a holding company. I would also like to open my own advertising business,...
What is the easiest way to register a company?
What is the easiest way to register a company?
H1B forming a LLC
Hi,
I am in Maryland on H1B. I work full-time for a software company.
I am planning on starting my own LLC which conducts R&D and software development ...
No operating agreement signed yet after 6 months?
Started an LLC just over 6 months ago. My husband and myself along with another husband and wife.
Having disagreements on the operating agreement from ...
Paying myself in LLC
Is there a problem with paying myself by transferring money from LLC bank account to my personal account online?
Answer
It is no different, legally,...
What is the difference between members vs managers
When choosing who should run my llc members or managers what are the differences
Answer by Simon
A member is the owner of the LLC. Think of ...
Can I use a P.O. box as the primary address for my LLC?
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Can I use a P.O. box as the primary address for my LLC? I am looking to incorporate in Pennsylvania.
Answer
Most states require a street address ...
Can you convert a sole propreitorship EIN to a LLC
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Can you convert a sole proprietorship EIN to a LLC in Florida?
Answer
Yes, you can convert a sole proprietorship to an LLC.
However, depending ...
2 checkbooks from 2 different banks
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Can a person use two checkbooks from different banks?
Answer
Sure. A business entity such as an LLC can have multiple bank accounts at multiple ...
protection of property
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If a family farm is put into llc sole proprietorship, is it protected from nursing homes and any other sources?
Can the llc be given to children with ...
Need an EIN if starting a single-member LLC?
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Do I need to get an EIN if I'm staring a single-member LLC (in Texas)? Or can I just use my SSN? Will banks allow me to open a checking account for my ...
personal liability of llc going under
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What are my legal rights if my business is failing and I owe advertising expenses? Can they attack my personal credit and can I be held liable with no ...
operating as an llc in another state
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If I formed my llc in a state but have chosen to do most of my business in another state, do I file all over again in the new state?
Answer
If ...
how to operate company from 1 member to multi members
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Hi, I am looking to form an LLC and I'll be the only member right now. Being a small startup, I'd like to know "best practices" of how this company should ...
Single Member with Multiple LLC's can you use one check book
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We file as sole Prop. on our taxes. We have multiple LLC's and use only one checkbook. Do we need to set up other checkbooks for each LLC?
Answer ...
Can one member also manage the LLC to the exclusion of the other members?
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Would like to set up an LLC where I also retain final decision making on all issues. Is this possible. If so, is it accomplished by designating myself ...
Multiple LLCs
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If I have three distinct LLC's, am I better off having one LLC or Corp own the three or just run them all separately? Thanks
Answer
If you've already ...
Transfering ownership of an llc
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How would I go about transferring ownership of an llc business?
Answer
You will want to see an attorney to properly paper the transaction. However,...
DBA, LLC And EIN.
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I had a DBA and EIN I never used. The DBA has long since expired but now I want to form a LLC under the same name. Can I use the old EIN or do I need to ...
I am using the same ein for 2 separate LLCs (NJ & CA) using the same name.
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I have formed two LLCs; one residing in Calif and the other in NJ with registered agents in each state. I needed to know if these are considered separate ...
bylaws and long form articles of inc.
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does an LLC need bylaws and long form articles of inc. and business plan in the state of minn. if you don't have this can your corporate veil be pierced?...
Model Question
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I am a model and I am trying to find out if I could be a LLC?
Answer
Your modeling business can be incorporated as a limited liability company ...
can I have more than llc at a time for two different business
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can I have more than 1 llc at a time for two different businesses?
Answer
You can own as many LLCs as you want, just like you can own stock in ...
My K1 shows a net loss of $1000, but it didn't appear to affect my total taxes.
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I received a K1 for our new LLC. It showed a loss of $1000, but when I entered the information into TurboTax, it didn't make a difference on my overall ...
Can an Illinois LLC be formed to hold property located in New Jersey?
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Can an Illinois LLC be formed with members from both Illinois and another state for the purpose of owning real estate located in New Jersey, or does the ...
Using personal account to buy equipment
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Ex boss is selling equipment from his business at great price.He is giving us first pick before he auctions it off. Problem is LLC paperwork will not be ...
Double Taxation??
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Why do you say that corporations have double taxation? A single member LLC has to pay Social Security tax except for income tax, isn't THAT double taxation?...
Next step after filing
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Once I have filed my Articles of Organization and obtained my EIN , what is the next step? Do I need to acquire a separate business license from the ...
due of sale clause in existing mortgage agreement
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I WOULD LIKE TO PU MY TWO INCOME PROPERTIES IN LLCS BUT MY MORTGAGE HOLDER SAYS THEY WOULD NOT GIVE PERMISSION WITHOUT ENFORCING THE DUE ON SALE CLAUSE....
Personal judgements and assets in an LLC
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If I have an LLC, am sued personally, can they come after assets in my LLC to satisfy a personal judgment? Thank you.
Answer
Not directly, but ...
More than one business tied together
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Can i have more than one business and have them all tied together like an umbrella with an LLC license?
Answer
You can operate as many businesses ...
LLcs and divorce
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My husband and I are business partners ,and we also have some real estate .Our business is an S corporation ,but my husband insist on getting everything ...
Do I have to worry about payroll taxes?
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My wife and I want to form an LLC to protect a couple of rental properties we own, and are currently renting out. The rents will then be paid to the LLC....
can a non-us person be a member of an LLC?
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Can a non-us person be a member of an LLC?
Answer
Yes. Unlike S-corporations, LLCs can have non-US citizens as members. If you wish to have your ...
Do I need a Tax ID number and an EIN?
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What is the difference between the two?
Answer
A tax ID is a more generic name for any 9-digit number used by the IRS to identify a taxpayer.
For ...
Turn my LLC into a Publishing company
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My LLC is named Sayles Productions LLC. I want to start publishing books do i have to change the LLC name? Or do i have to create a DBA?
Answer
Why ...
Best state to form a single member LLC?
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What state would be the best to form a single member LLC for an internet company?
Answer
If you are forming a single member LLC to be taxed as ...
convert Ltd to Llc
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Why wouldn't my accountant advise me to convert my Ltd to an Llc?
Answer
I'm not sure, without knowing your particular circumstances.
The LLC ...
payroll
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My husband owns an LLC and I do all the bookwork, should I pay myself?
Answer
Yes, you can be paid by the LLC for the work you do. The LLC can ...
Using a new LLC to purchase residential real estate
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I am under the impression that an LLC can purchase residential real estate, but is there a minimum mortgage amount? I know that it would have to be a commercial ...
Public Companies owning LLCs
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can a public company own part of an llc?
Answer
Yes, a public company can own part (or all) of an LLC.
Not only that, but there are public companies ...
when is it ok to display LLC after an approved application or after the publication
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When is it ok to display the llc name after the approved application or after the publication? I am located in AZ
Thanks!!
James
Answer
From ...
llc majority owned by non-US citizens
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Can a non-US citizen purchase a US citizen's shares in an LLC and continue to operate with only a minority US member? In this case will US authorities ...
attorney signing articles of organization
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What capacity is a lawyer signing in when he signs as attorney in fact on the articles of organization in Georgia?
Answer
Most likely as the ...
A second DBA under one LLC
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I currently have an llc with a dba for one type of business and would like to get a dba for a different type of business. What steps do I take?
Answer ...
Can I start a second LLC from the same home office I am running the first LLC from?
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I already have an LLC that I am running from a home based office, with myself listed as registered agent at same address. Can I start a second LLC and ...
Taxes on inactive LLC?
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If an single member LLC is formed in Ohio, but does nothing within the first year besides set up bank accounts and other infrastructure activities, what ...
When to start establishing business credit as an LLC?
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I want to start purchasing residential rental property, when should start establishing business credit? Can I form an LLC and build credit before I even ...
How do you dissolve and LLC- for a business that never started
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dissolving llc?
Answer
File Articles of Dissolution. It doesn't matter if the business "never started" (which I assume means that the business ...
how do i pay an employe if i have an llc ?
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hi im thinking of going llc i have a small concrete finishing business and i want to protect my assets im thinking of like a partnership type thing with ...
My husband and I want to protect our personal assets.
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My husband and I opened a business as a partnership with one EIN. We want to protect our personal assets, so we're considering becoming an LLC. We will ...
Does an LLC Protect more than just assets?
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Hi, I have a small business (an LLC) that resells gift cards that I buy online. However, the prices of the gift cards that I buy online are somewhere ...
Changing titles to an LLC
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If we are changing from a standard business to an LLC do we need to change title to the LLC on a vehicle that has been previously depreciated out?
Answer ...
LLC after business name?
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1. Do I have to put LLC after my business name?
2. I am an artist, putting together a plan to open my own gallery. Is LLC the best option for me? The ...
LLC for Consultant?
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You mention in your Veil Piercing section that one of the major downfalls to LLC protection is if you have little to no 'capital' invested in the LLC. If ...
H-1 starting an LLC
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Can a H-1 start an LLC?
Answer
Unlike S-corporations, non-citizens and resident aliens may be owners of an LLC.
sell an llc
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can I sell our LLC without an operating agreement we never did one (stupid yes) my partner is non responsive since we had a little tiff. I am the manager ...
Can I get out of the LLC and leave my partners?
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I believe I am listed as 50% owner in a business that is falling apart. We have nothing in writing except for our articles of incorporation that list ...
How do I remove my name from a DBA partnership I have with another person?
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I obtained a DBA with my brother in law to form a drywall business. I found out that he was doing some things that weren't right by me(keeping funds ...
Christmas meal/party deduction for small LLC?
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We have a two member LLC. The second member is my wife. She's a legit member (professional, with some part-time work contribution), but since it is a ...
how to end an LLC ?
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We recently started an LLC for our club, so as we could raise funds legally.
turns out it is costing us more money and time to have the LLC and now ...
signing technical letter reports
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I have an LLC for my engineering practice and am signing a short letter report to the client that presents my work product (it is some computations). You'...
convert sole proprietorship to llc
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How do I convert a sole proprietorship with an ein # to a LLC with the same ein #?
Answer
When a sole proprietorship changes to a corporate or ...
Starting Up
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Can you continuously put money into your business account from your personal account to fund your business like to purchase equipment and pay for utilities ...
giving shares
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My husband has formed an LLC in which he is 'sole owner'. He wants to give me '49' shares of the 100 shares. We live in Ohio. Can we do this ourselves ...
As an owner of an LLC should I put myself on payroll?
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We have put ourselves on payroll as 25% owners of an LLC we are getting hit with big Federal bills on our payroll. Should we remove ourselves from the ...
does a LLC have to carry insurance
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Is a LLC required to carry liability insurance?
Answer
Usually not, though it's a good idea to carry liability insurance to protect your business ...
2 partners in a LLC, how do we pay ourselves?
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How do 2 partners in a LLC setup so that we can pay ourselves from the business? is it done any differently then a single member LLC?
Answer
Each ...
LLC operating without an Operating Agreement and Managing member controlls everything
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I was told it is illegal in the State of Missouri to operate an LLC without an Operating Agreement. Please enlighten me. An Operating Agreement was never ...
how to best configure llc with a trust
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Hello,
My wife and I want to purchase 3 to 6 multifamily homes in new york state for the purpose of rental income.
I have an irrevocable life insurance ...
Earned income
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If I have LLC and put my earned income in LLC account, with an tax ID (not my SS #), can any one know that is my income?
Answer
What do you mean ...
LLC with S-Corp election payments
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How do I as sole member of my LLC with the S-corp election pay myself? Do I need to set up a payroll and go through that process?
Answer
When ...
fill out form
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how to fill out the llc articles of organization?
Answer
It depends on which state you're filing Articles of Organization for.
Each one is slightly ...
Bylaws
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Are Articles of Organization for a LLC equivalent to Bylaws for a Corporation?
Answer
Articles of Organization for an LLC are more analogous ...
What does an annual report for an LLC look like?
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Do I really have to send in an annual report for my LLC if it hardly makes any money and is a small business? If so, what form does it need to take? Is ...
Paying yourself before positive net income
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In my financial projections, I'm showing a negative net income prior to FY3. I've always understood that most startups are negative in the first year,...
Paying yourself as an employee
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All though you are the sole member of an LLC, could you still possibly pay yourself as an employee? For instance, when you get Quickbooks, sign up for ...
moving my rental propery to an LLC
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I currently have a home that was previously my primary residence. I have moved and now use the first residence as rental property, can I be a part of an ...
LLC name requirements
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If I form an LLC and run the business under another name (DBA), is the DBA required to included in the name on the Articles of Organization?
Answer ...
Pay
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How do I pay myself?
Answer
With money! :)
As the owner of an LLC, you pay yourself from the profits.
There is no special way to do this-...
Start Up
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You have to use your money to start your business. Is it wise to put your money in your business bank account when you first open it and then proceed to ...
Do all members of LLC have to apply for EIN
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We have 4 members in our LLC, but only one person will be taking care of tax items. Do we put all members in the EIN application or only the financial ...
owning other companies
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My company is an LLC can I have other companies under my LLC?
Answer
Yes and yes.
An LLC can own an interest in other LLCs.
Also, your LLC ...
pay before profit
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Can I pay myself before computing profit, which lowers tax liability?
Answer
As an LLC taxed as a partnership (or a single member LLC), "paying"...
does incorporating my business protect it from devorce
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If i incorporate my business and sell my tools to the incorpoation does it protect it from divorce?
Answer
Probably not, though it depends by state....
how do I pay myself
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how do I pay myself in a LLC company?
Answer
As a member of the LLC, you pay yourself by taking distributions of your LLC's profits.
The process ...
Can you get out of an LLC before having to pay the $800 or 1.5% to the gov?
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I was just wondering that, if a start up business flops in the first few months or proves to be not profitable, will you still have to pay the 1.5% of ...
Forming LLc in Nevada w/ husband & wife as members
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If forming an LLC in Nevada w/ husband & wife as members if we elect sub s - can IRS decide to treat as a single member LLC because we are married?
Answer ...
Registered Agent
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When you register your LLC with the state and you act as your own registered agent, can you at a later time change your registered agent? If you can change ...
What are the possible downfalls of not having ones name on an LLC , when you have a partnership?
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I own a business in NY and an LLC was formed in CT by my partner (where he resides) for this business. His is the only name listed on the LLC, but he ...
Husband and Wife forming Real Estate Company
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My Husband and I live in Texas and would like to form an LLC to be able to buy and rent homes and maybe commercial real estate in the future.
What are ...
Mailbox forwarding
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If I am operating a home based business and use a mailbox forwarding service, can I use that address as my business address and registered agent address ...
Operating Agreement
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When do you fill out your operating agreement and articles of organization for your LLC? Do you do this when you register your LLC with the state or do ...
Specific purpose?
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In Missouri, it asks for your "specific purpose" of doing business. If you put something, for example online selling, does that mean that in the future ...
how do I take a paycheck
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I own a LLC with my sister, I need to know how to take a paycheck and what forms are need and/or records to be kept.
Answer
As owner of the LLC,...
Communications from home
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I plan on running a communications business from my home solely online.
Would that require a business license from my municipality?
Additionally,...
Business License
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Since I'm going to be opening a home based business, is forming my LLC the same as having my business license or is that something separate I also have ...
Is starting an LLC recommended if you're working from home?
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If your company is going to be home-based is an LLC recommended?
Answer
Yes, I would recommend the LLC for home-based businesses.
The limited ...
logos and LLC
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Do you need to include LLC in your logo and advertisements as long as it is included in the legal name?
Answer
No. The letters "LLC" don't need ...
Could you please clarify business verses personal assets/debts with regard to liability, protection, and bankruptcy.
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A couple questions:
1. An LLC protects your personal assets from business debts/lawsuits, etc; does it also protect your business assets from personal ...
we have an llc with 1 ein and want to create a sister company
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Do we need to create a new corporation? Do we need to create a new ein?
we file as an s- corp and want to gain the benefit overall of the new company ...
can an llc be sold?
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Can an llc be sold?
Answer
Yes.
A limited liability company absolutely can be sold. A member can sell his or her membership interest, or, all ...
For privacy, if I use a resident agent, when do I use their address vs. my own?
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I have a question regarding Resident Agents and privacy. I run a home based business and would like more privacy. If I were to hire a resident agent, do ...
depositing checks into LLC bank account
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I assume I will occasionally get a check payment from a client made payable to my personal name instead of the LLC name. So, I plan to set up the LLC'...
Create Umbrella LLC for 2 Sole Proprietorships
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My wife and I currently each own a sole proprietorship business in Ohio. The 2 businesses do not sell related products or services. I would like to create ...
forming an out of state llc
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I wanted to form a llc in a state with a cheaper filing fee--I'm in Pennsylvania. Is this legal, and will I have a problem operating in Pennsylvania if ...
Pro's and con's of multiple LLCs?
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What are the pro's and con's of multiple LLCs?
Answer
Cons
Let's start with the cons first.
The most obvious con of multiple LLCs is cost....
Is transferring money from a business acct the same as writing a check?
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I recently formed an LLC from a sole proprietorship. Knowing that I'll have to be more diligent about separating funds, is transferring money from a business ...
RE Investor LLCs incorrectly trated as a security
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I have heard that RE agents have set up LLCs for a multi-buyer Commercial property only to find that it was to be treated as a security sale. How come?...
Multiple EINs
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I already have a sole proprietorship(DBA) with an EIN. I want to start another company under the LLC structure and would like it to be separate from my ...
LLC based in NY, can I work in CT?
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My LLC is based in New York. Will I be able to have clients in Connecticut?
Answer
A business can transact business anywhere in the country, regardless ...
small investments in other companies
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I'm planning to invest a small stake in a few companies across different industries e.g. restaurant, real estate, and home health.
Should I form a LLC ...
Does my llc have employees?
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There are two members in our LLC, me and the other owner. Are considered employees? I need to know to fill out form 941.
Answer
It depends on whether ...
How does an LLC protect me from lawsuits?
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How does an LLC protect me from lawsuits?
Answer
There are several articles on this site on the concept of limited liability.
What an LLC does ...
I have three separate ideas, do I need to register three separate LLCs?
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Hello,
I have three business ideas that would each qualify to be registered as LLC. Do I necessarily need to register three separate LLCs - one for ...
buying a single member LLC
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I currently own a single member LLC and wish to purchase a business that is a single member LLC with my husband. I am buying both tangible and intangible ...
Can you have a separate EIN # for different DBA's under the same LLC
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Can you have a separate EIN # for different DBA's under the same LLC?
Answer
No. You don't want to (and are not allowed) to do that.
A DBA ...
what is the annual fee
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Is the annual fee a flat rate or increase as capital increases?
Answer
Depends on which state you're in. Some states have no annual fee, others ...
Family LLC
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We have created a family LLC to operate several businesses from and wonder if we need to file DBA's for each separate business?
Answer
If all the ...
using home address
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When forming and LLC a home address was used as there was no office space as yet to list. Will this compromise the LLC and enable anyone to claim against ...
founding from abroad
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Hi! we want to found an LLC from Europe.
Can we fill all the papers for founding ?
How many papers we need to fill?
I know we need an agent. How ...
Your Questions Answered About Incorporation, LLCs and Business Entities
Want to operate your LLC under a different name? Been using a name for years and don't want to have to change it just because you've formed an LLC? Find out how to use multiple names under one LLC
Does it make sense for a person running an internet-only online business living in a high tax state like California or New York to incorporate in Nevada or Wyoming?
Be sure that you pick a legal name for your LLC by following the tips in this article.
If you've never been a business owner before, you are probably wondering how to get paid without a paycheck. This article will show you how.
FAQ: I applied for a DBA (Doing Business As) from my state, isn't that the same as incorporating as incorporating or forming an LLC?
Answer: No. A sole proprietor-which is what your business is until you incorporate-is still a sole proprietor after obtaining a DBA. A DBA allows you to do business as yourself, but under an assumed name, while incorporation actually creates an entire new entity. Read the rest of the article...
FAQ: Because my business is run solely by me from home, I don't plan on having any employees. Why would I need an Employer Identification Number--EIN?
Answer: An Employer Identification Number is also important for businesses that don't have employees. Your business will use its EIN for filing tax returns, opening business bank accounts, and applying for credit. Most incorporation companies and attorneys charge anywhere from $50-$125 to obtain an EIN for you. However, you can do it yourself by filling out a simple 1 page form. Read the rest of the article...
FAQ: Who are these "members" and "managers" that are part of my business's LLC?
Answer: Members are simply the owners of an LLC. Managers run the day-to-day operations of the LLC. Members and managers can be the same or different people. Read more about LLC members and managers...
FAQ: I plan on my start-up becoming a huge success and eventually going public. Is it true that LLCs can't go public?
Answer: An LLC cannot, for various practical and legal reasons be traded publicly. This doesn't mean, however, that an LLC isn't the right choice for an entrepreneur. An LLC can easily be converted-with no tax consequences-to a C corporation when it is time to go public. Until then, the startup gets to have the pass-through taxation and simplified operation of an LLC. The limited liability company really is the best of all worlds when it comes to business entities. It takes the best of C corporations and partnerships and combines them into one simple package.
