LLC is a disregarded Entity. What does that mean?
ฝัง
- เผยแพร่เมื่อ 3 ส.ค. 2024
- LLC is a disregarded Entity. What does that mean?
Schedule your 15 minute complimentary consult here: www.homebiztaxchat.com
*THIS VIDEO IS FOR EDUCATIONAL AND ENTERTAINMENT PURPOSES ONLY. PLEASE CONSULT YOUR TAX PROFESSIONAL REGARDING YOUR SITUATION.*
Start your own LLC➡️➡️➡️bit.ly/hbtlnorthwest
Get QuickBooks Self-Employed here: bit.ly/qbselfie
Connect with Me On
Facebook ➡️➡️➡️ / homebiztaxlady
Instagram➡️➡️➡️ / homebiztaxlady
Email: homebiztaxlady@gmail.com
DISCLAIMER: This video and description may contain affiliate links, which means that if you click on one of the product links, I’ll receive a small commission. This helps support the channel and allows us to continue to make videos like this. Thank you for the support!
You are the best one who explained the disregarded entity! The great content! THank you !
Glad it was helpful!
you are an angel. Thank you
Thank you! This is exactly the info I was looking for!
OMG! I needed this. Thank you. Thank you. Thank you. New subbie!!♥️
Thank you for this video. I’m thinking of doing a dissolution with my llc. I’ve been too passive with record keeping and co mingling of funds. You are a treasure. God bless you! By the way I was on my way to being a (Real Estate Investor) but I seemed to have plateaued after buying and rehabbing just 2 properties which I titled in the name of the llc. I do have other properties in my name. Probably never needed the llc. Again thank you.
This video was so helpful!!!! Thank you!
This is great info! Thanks!
Thank you for sharing this information
Thank you so much!
You're welcome!
I appreciate you. I formed an LLC and I haven't made a dime yet but I'm taking in all this coaching.
Are you foreigner
How's your LLC going?
@@MeneTekelUpharsin I haven’t done anything with it so far. I appreciate the check in, I’m just starting a new job thank God, I’ll fund my business when I can.
@@muhammadfaheemrao6156 I’m an indigenous American
@@RicardoHanleyJr Do you have single member LLC or Multi member LLC
Very informative. Thank you
Thank you
You're welcome!
Such a good video!! 💜💜👏🏾
🥰👉🏾📺#LifeWithAlliDaily 💜
Glad you liked it!!
That’s it 💁🏽♀️
Thank You for doing what you do.... Just stumbled onto this video... I am a music publisher. Do I need a LLC for that type of business?
Great Video! I am one of those you spoke of "Putting So much weight on 3 little letters" Lol. I filed my business today and did not do my LL C first so I was freaking out when they filed me as a sole proprietor. I would really love to email you or talk with you. I have so many questions. I would like to avoid mistakes. Oh I'm in Va by the way incase you have a referral person. God Bless you and Thank you!
Homeboy Tactical & Sporting I'm also in VA. I help clients nationwide. You are invited to schedule a consult here: www.homebiztaxchat.com
This is why I'm not going to do my own filings and instead entrust it to the pros by hiring a *Registered Agent* to do it on my behalf. They'll keep me informed and up to date so I don't have to wear so many hats and have anxiety attacks over nothing.
Question... Why wasn't Single Member LLC mentioned as a type of LLC? 💜
Great video . Question. Is a 1member llc a business entity?
#REPLAY Awesome as usual! I am in MD and I am going to need a tax chick... do you deal with anyone in MD and if not, can you recommend anyone?
Hi Gina! I can help you. You are invited to book a 15 min complimentary consult here: www.homebiztaxchat.com
Im starting an online business in retail Ive applied for an ein as a single llc. I haven't formed a state llc. Am I considered a sole proprietor and should file as DBA or should I form an llc.
Hello I have a question! I am a single member LLC and will act as manager. I am filing for Statement of Information (within first 90 days of business), and am wondering am I considered an "entity" in the LLC? I'm not sure to check that box or not. Thank you!
Thank you for the video. My question is in regards to an anonymity compliant LLC in Wyoming or Delaware (manager-managed), to then own the member-managed LLC in the state where you own the property. Do you think this is a good structure/ tax strategy? Or overkill? Thank you.
That's a legal question, not a tax question. Those goals are separate. You need to consult an attorney and weigh the cost of your decision. For example, having a structure like this will cost you more in tax preparation than what is really required. If you don't care about the cost, it may be a good move. If cost is an issue, maybe not. If public anonymity is of utmost importance to you, then the maintenance cost of this structure won't matter. Final word, consult with a business attorney for that one.
@@HomeBizTaxLady Thank you for taking the time to respond! Really appreciated. That's really what I wanted to know. I know its more legal than tax, but you answered it by saying that it would be much more in tax preparation.
If I’m a single member llc but filing as a sole proprietor for tax purposes does that mean I’m liable if someone sued me? Also, should my books be like an llc without mingling funds or as a sole proprietor with mingling funds?
Its the "9 o'clock-ish" for me
Sole Proprioetorships and General Partnerships are the default, and do not provide asset protection.
So, did she just say for real estate, like a rental house, a husband and wife 2 member LLC do NOT have to be in a Partnership tax provision?
Since the IRS considers my LLC as Disregarded Entity, do I have to file or pay the Massachusetts Annual Report?
So for tax purposes would i get more breaks saying im a corporation or disregarded entity? Im starting a smoothie vegan truck so it is only me and maybe my spouse helping out. I just started my llc a week ago. I dont plan on making money until next year.
I am also curious about this.
How's your smoothie vegan truck business going?
@@bdubz_det I was confused too until I learned that LLC only relates to legal matters. IRS only recognizes sole proprietorship, partnership, C-Corp, S-corp. There are more restrictions to be a Corporation so for a small business it's usually simpler to be a LLC.
@@MeneTekelUpharsin crazy I asked that almost a year ago. I learned that as well and have had an LLC for almost a year.
Can a disregarded LLC build credit and take out loans?
Is this true when you are a single member LLC and filling out W9 form You have to use your SSN you can't use your EIN number
I have a a LLC but I am the only member. Since I've had my accountant pay separate taxes on my LLC and the CA state fees of $800 per year, does that mean I am a disregarded entity? Just wanted to clarify. Thanks in advance.
If you're the only member in a LLC then you're a sole proprietorship, that means you only have one tax that you file on Schedule C Form 1040. Unless you filed to become a C-Corp and be paid like an employee.
So my wife is starting a business and does need a LLC. I’m not involved in her business. I guess what I’m asking is when we file our joint return, does that make us a partnership?
It depends on how you filed your formation document with the Secretary of State. Ownership of a LLC is a marital asset just like a piano, or a car so the assets of the LLC are split 50 50 whether it's a sole proprietorship or partnership.
If your LLC is owned by a Holding Company which is an LLC treated as an S-corp what would you do?
Do about what?
Huh?
Get down to business
#Replay
dear, i am a single member llc, i am trying to hire some one for my store. will i still be considered as single member llc or multi?
An employee or contracted worker does not become a MEMBER of your LLC.
Hey precious, I find it difficult to locate anyone talking about reversing coarse on a smllc. I have some concerns about estate planning and probate issues. I currently hold 2 properties that are titled in an llc and don't want them tied up in probate if I should die. I had a lot of concerns crop up as I was trying to set up my last will and testament, and it occurred to me I'm way out of my league. I just want to simplify things and make an easy transition for my loved ones in the event of my passing. Nobody talks about how to transfer title out of an llc, but every bodies talking about how to buy properties, or transfer properties into an llc...well even a dummy like me can do that. I'm seriously thinking about transferring titles out of the llc and filing a dissolution. Can you please comment? Thank you in advance.
Another thing is my operating agreement says the business entity dies when I die, but what if you have property titled in that entity? Videos on these matters are hard to find , and would be a treasure to people who listened to some REI guru without knowing everything they needed to know before starting an llc. Yeah we're out here.
There's no one right answer for that. You should seek the advice of a both a business attorney and an estate attorney. You have a legal concern vs a tax concern.
what I'm trying to understand door dash hires people as independent contractor so is this the some D.B.A
You don't need an EIN for door dash.
would a single memebr llc pay quarterly taxes or just once a year
If you expect your tax liability to be more than $1000, you need to pay estimated taxes.
@@HomeBizTaxLady thats crazy for volatile companies like a new hvac company idk what ill make or owe
ReX if you have structured bookkeeping in place, you'll know from quarter to quarter what your profit is. If you reserve 30% of gross for taxes, you should have enough money to cover the liability. Once you get going, you will be able to project your liability. There is no concrete answer until you know the numbers.
@@HomeBizTaxLady thx
What about a foreign grantor trust.?
Consult with an attorney about a trust.
@@HomeBizTaxLady that’s the problem to expensive. I have everything set up. It’s just the tax preparing is over my head.
Any wise info in my position. Broke because of COVID. 🙏🏻
can a person get a E In number as solo proprietor ?
Yes.
when do business as , you can not get one ,but people say their the some.
@@awalkwithrobinsonwave5144 The DBA name does not get an EIN. You, as a sole proprietor, can get an EIN.
Are you on Instagram?
This didn’t answer my question
What is your question?
Who is disregarded, me or the business?
TidalWave Dan The business entity. LLCs are state regulated entities. The IRS will tax your Single Member LLC as a sole proprietor. No difference.
Home Biz Tax Lady thanks. I plan on filing a 2553, am I making a mistake?
TidalWave Dan That's a math question. I can't answer that without knowing the details. Make sure you understand the cost of compliance when electing tax treatment. It's not only about Self Employment tax. This video may help: th-cam.com/video/J3M4i2UR44s/w-d-xo.html
Home Biz Tax Lady thanks a lot. I appreciate really it. I’ll subscribe to your channel.
@@HomeBizTaxLady This is why I think novice's trying to be cheap and or wear too many hats find themselves in deep doo doo. I say find a competent CPA to handle this matter so you don't find yourself up to your neck in financial tax hot water with the IRS...