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7

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 LLC funds. But you can not deposit the LLC money into a personal bank account. Well, you aren't supposed to. I guess a bank may allow you to, but legally you ...


5

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 financial records can't see the ultimate source of the income) what you'll need to do is incorporate a second anonymous LLC. You create a secondary company, which we'...


4

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 by running it as a real business and not as a shield. (Meaning that, in most cases, you can not simply have an LLC but give it no capital, keep no books, etc......


4

Edward Brey's comment is pretty much spot as far as liability is concerned. Other than (well put, Edward!) illegal activity, the LLC form protects the owners and operators from incurring personal liability as a result of activities carried out for the business of the LLC. The LLC business entity is a simpler approach than a corporation because it removes ...


3

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-state customer (with an address from another state or country). TN considers web design and development as the creation of software on the customer’s server. So if ...


3

Probably the best thing would be to negotiate a rate in Euros. As far as their accounting is concerned, it wouldn't be much different from using a local freelancer. They can send you a check in Euros and you can have it deposited to a US bank, although you'll have a poor exchange rate and some risk from currency fluctuations. I've never worked with a French ...


3

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 question to the tax forms, "Did you make any payments in 2011 that would require you to file Form(s) 1099?" and there are only "Yes" and "no" answers. So ...


2

I am not an accountant or attorney. NOTHING I post should be see as direct tax or legal advice. This answer is solely based upon my personal experience. I own/operate a single member LLC in the US. The key word in LLC is Liability, As a US based, single-member, LLC there's not a great deal of tax benefits. You can still file individually and it doesn't ...


2

Will that $400.00 still be charged? No. You probably paid during the very brief grace period. Does the owner lose the liability protection for business conducted during the inactive period? No. See "an LLC is not subject to loss of limited liability as a result of an inadvertent administrative failure" in https://www.floridabar.org/divcom/jn/jnjournal01....


2

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 and your holidays won't effect your pay check. After a couple of years or more, depending on laws where you live, you could get a redundancy check if they were ...


2

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 with an LLC, your personal assets could be seized for breaching the cooperate veil if the LLC is not held in good standing, mixing business and personal ...


2

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 "limited liability company". I am not an attorney.


1

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 for this service. By doing so, it may be possible to eliminate profits thus avoiding some taxation, as well as U.S. situs (located) earnings, which would ...


1

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 conducted - as a seperate person. You are simply a manager.


1

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 - to the amount of their investment. Activities by the director/manager are subject to their fiduciary duties - which is why most companies hold Director's ...


1

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, it will cost you a lot more.


1

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. Something seems "off" to me.


1

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 several thousand $$ each year. As long as you are keeping track of your income and who it's from, you really don't need any 1099s. As was previously answered, it ...


1

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 native currency. This system will send an invoice but the transaction is handled by Stripe. From Stripe you can connect your back account and deposit your ...


1

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 travel to the UK to sign the contract.


1

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 Workers comp in case you hurt yourself When you leave for the day, no need to worry about business taxes, marketing, advertising, etc Payroll minuses: You're ...


1

It would make sense since I will be the only member of the LLC so anything that the LLC produces is developed by me, but on the other hand a LLC is considered a separate entity from myself, so I'm not sure how that would work? IANAL and IANAA, but this is the crux of the protection you gain from the LLC. Every case is different, but you should be very ...


1

What on earth would be wrong with using your personal portfolio for your LLC when your LLC is just you? I hope there is not a human alive that would take issue to that. Look at it from a different angle - would you discard your entire portfolio if you legally changed your name just because those items were developed "under a different name"? You have to get ...


1

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 debts and liabilities from yourself to the newly formed corporate entity (thus, "Limited Liability Company"). So, generally speaking, if someone successfully sues ...


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