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7 votes

Can I claim payments to me personally as income for my single-member LLC?

Even as a single member LLC you must keep finances separate. You must have a bank account for the LLC which is not your personal bank account. Then you can pay yourself (or take dividends) from the ...
Scott's user avatar
  • 17.4k
5 votes
Accepted

Can I anonymously use my public LLC?

If you want to create an air-gap between yourself and the company that you're consulting for (so that people who have access to the company records for your freelancing LLC and your own personal ...
Valorum's user avatar
  • 893
4 votes

What does an LLC's limited liability really protect you against (if you are sole owner and employee)?

I think it's valuable to add to the other answers that you must be able to prove that your LLC is acting as a business entity in order to have the protection specified. Generally speaking you do this ...
MER's user avatar
  • 141
3 votes
Accepted

Invoicing Dutch clients from my Tennessee LLC

I've contacted a TN accounting firm, here's what they said: "You can put 0% tax rate on your invoice if you like, but the main thing is that the invoice should clearly show that it is an out-of-...
appel's user avatar
  • 131
3 votes
Accepted

Should I expect a 1099

Whether or not a company issues a 1099 is their choice. If they do not wish to comply with that requirement, that is their business. In 2011 the IRS made filing 1099s more easily tracked. They added a ...
Scott's user avatar
  • 17.4k
2 votes

Better to go on payroll or act as a vendor?

I've been a freelancer since 1994 - We call it a contractor or consultant in Europe. As an employee, you get health benefits, possibly a pension, car, cell phone etc as part of the job. A sick day ...
fiprojects's user avatar
  • 1,162
2 votes

LLC and liability from past

Any transactions before the formation of the LLC would technically be under a sole proprietor/individual. For example, at your personal bank account, not a business LLC bank account. Yet, even ...
Kris's user avatar
  • 204
2 votes

Does LLC Protect from Personal Lawsuit

Generally, yes, unless you are found guilty of some crime or gross wrongdoing related to the claims in the lawsuit. The liability would be limited to the assets of the LLC; hence the expression "...
Xavier J's user avatar
  • 5,333
1 vote

USA LLC - Is there anything I need to do regarding existing contracts?

(I am not a lawyer.) In the US, an LLC is a separate legal entity from you. You signed the agreement, not the LLC. An LLC would do well to have its own bank account so that funds are not co-mingled. ...
David R's user avatar
  • 1,652
1 vote

How can I be paid as founder of a LLC?

Yes. [F]oreign owners may act as consultants to the LLC under a written Consultant’s agreement completing all consulting work within their home country and billing the LLC in the United States ...
HenryM's user avatar
  • 701
1 vote

Buying 100% member interest in existing LLC. Do I need a new EIN?

An LLC is a seperate entity, and has nothing to do with you. The LLC's EIN will remain with the LLC. Think of it as the Social Security number for "person". That's how all business in an LLC is ...
NPM's user avatar
  • 111
1 vote

LLC and liability from past

As a freelancer, you hold several distinct roles within the company Owner/shareholder Director/Manager Employee/Worker The Limited Liability bit only limits the liability of the stock/shareholders - ...
Andrew's user avatar
  • 1,931
1 vote
Accepted

Unemployment Insurance

Don't, go to an accountant. Go to an affordable one, or go on a one-time consult or whatever option you have to save money on this but you really do need professional advice. If you get this wrong, ...
user3244085's user avatar
  • 1,629
1 vote
Accepted

Freelance Insurance for C2C Arrangement

For my small business - doing software development - I forked out about $1000/yr for just general liability and professional liability. Your mileage may vary. The quote shouldn't take a week, though....
Xavier J's user avatar
  • 5,333
1 vote

Easiest ways for a US LLC to receive payments from UK clients

You can use an invoicing service such as Zoho Invoices. I use this services myself for domestic and foreign clients. It handles all conversion rates and you'll be able to charge your clients in their ...
Memj's user avatar
  • 929
1 vote

Easiest ways for a US LLC to receive payments from UK clients

When You close Your company, its bank account must be closed too. A US company can open an account in a UK Bank. Please note, that most times it requires an authorized representative to personally ...
Attila's user avatar
  • 11
1 vote
Accepted

Better to go on payroll or act as a vendor?

Payroll plusses: Benefits Downtime is expected, whereas downtime means "go home" as a contractor sometimes. Payment on time is required by law Possibly, the company will invest money in training you ...
Xavier J's user avatar
  • 5,333
1 vote

Should I expect a 1099

I've been freelancing for over a dozen years, and have received maybe three 1099s in all of that time. I have over two dozen clients, all US-based, of varying size and makeup, most of whom pay me ...
LMK Web's user avatar
  • 533
1 vote

Disadvantages to incorporation/forming an LLC?

The main advantage of forming an LLC vs. a sole proprietorship or partnership is the greatly diminished risk to your personal finances. By forming an LLC, you shift responsibility for your business ...
Will Jennings's user avatar

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