LLC employye question
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Yes, as long as your llc does payroll and pays the taxes owed.
After noon Fastman, but you are going to have a problem if God forbid anything happens, Since you reside in Ohio, Your Ohio LLC will not be covered in Indiana, PA, or any other state if you have a serious accident. The LLC is strictly covered only in your resident state. and you can be sued above and beyond the limits of the Liability, the LLC can be sued to what has been invested in the company, Van, House or any other asset you used to set up the LLC, but you can also be sued personally for all you got if there is a death involved, If you do not believe me check with your attorney who suggested the LLC. Your best bet would to either convert your LLC to a Corporation with an "S" Election within 60 days of forming the Corp. If you have a "S" Corp they can only sue the Corp and not you personally, I have written in a number of post on this forum Check the archived posts, I sent the " good, the bad, and the Ugly of the LLC. " [h=1]Franklin Katz, ATP, PA, PB[/h][h=1]Frank's Tax & Business Service[/h][h=1]315 E. King St.[/h][h=1]Kings Mountain, NC 28086[/h][h=1]704-739-4039 [/h][h=1]E-Mail: [email protected])[/h][h=1]Web: www.prep.1040.com/frankstax[/h][h=1]
Circular 230Disclaimer[/h]Circular230: To ensure compliance with the requirements imposed by the IRS, we inform you that any tax advicecontained in our communication (including any attachments) was not intended orwritten to be used, and cannot be used, for the purpose of (i) avoiding any taxpenalty or (ii) promoting, marketing or recommending to another party anytransaction or matter addressed herein.
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Circular 230Disclaimer[/h]Circular230: To ensure compliance with the requirements imposed by the IRS, we inform you that any tax advicecontained in our communication (including any attachments) was not intended orwritten to be used, and cannot be used, for the purpose of (i) avoiding any taxpenalty or (ii) promoting, marketing or recommending to another party anytransaction or matter addressed herein.
Our advice in our communication is limited to the conclusions specifically setforth herein and is based on the completeness and accuracy of the facts andassumptions as stated. Our advice may consider tax authorities that are subjectto change, retroactively and/or prospectively. Such changes could affect thevalidity of our advice. Our advice will not be updated for subsequent changesor modifications to applicable law and regulations, or to the judicial andadministrative interpretations thereof.
Legally privileged and/or confidential information may be contained in ourcommunication; it is intended exclusively for the addressee. Opinions,conclusions and other information expressed in our communication are subject tothe terms and conditions expressed in the governing client engagement letter.If you are not the addressee (or designated representative) indicated in thismessage, you may not disclose, copy, or distribute this message to anyone.Action taken or omitted based on our communication is prohibited and may beunlawful.
Thanks for the info, but it's all good we don't operate out of ohio
What he is trying to tell you, I believe, is that llc's dont cross state lines. It will not protect you out of the state you operate out of. I could be wrong but that was the way we took it when it was explained to us. That's why we went with the "s" corporation.
I have been busy, But in answer to your questions in reference to an LLC, I think I covered it quite thoroughly it only covers you within your home state lines. even if you are an LLC, you still would have to file a Schedule C as a Sole Proprietor, and pay the self employment tax that is due on the profit you net down to at 15.3% or you can make the choice to file as an "S" Corp, but according to the tax law you are still a sole proprietor and not a Corp. Did you issue yourself a W-2 and File it with the IRS prior to February 28, and mail the W-3 with the red copies of the W-2 to Austin, TX, If not the tax withheld will not be accepted once the tax return is checked. I you did not file you still can, but there will be a penalty applied to the total tax that you are reporting. If you still have any questions please do not hesitate to ask [h=1]Franklin Katz, ATP, PA, PB[/h][h=1]Frank's Tax & Business Service[/h][h=1]315 E. King St.[/h][h=1]Kings Mountain, NC 28086[/h][h=1]704-739-4039 [/h][h=1]E-Mail: [email protected])[/h][h=1]Web: www.prep.1040.com/frankstax[/h][h=1]
Circular 230Disclaimer[/h]Circular230: To ensure compliance with the requirements imposed by the IRS, we inform you that any tax advicecontained in our communication (including any attachments) was not intended orwritten to be used, and cannot be used, for the purpose of (i) avoiding any taxpenalty or (ii) promoting, marketing or recommending to another party anytransaction or matter addressed herein.
Our advice in our communication is limited to the conclusions specifically setforth herein and is based on the completeness and accuracy of the facts andassumptions as stated. Our advice may consider tax authorities that are subjectto change, retroactively and/or prospectively. Such changes could affect thevalidity of our advice. Our advice will not be updated for subsequent changesor modifications to applicable law and regulations, or to the judicial andadministrative interpretations thereof.
Legally privileged and/or confidential information may be contained in ourcommunication; it is intended exclusively for the addressee. Opinions,conclusions and other information expressed in our communication are subject tothe terms and conditions expressed in the governing client engagement letter.If you are not the addressee (or designated representative) indicated in thismessage, you may not disclose, copy, or distribute this message to anyone.Action taken or omitted based on our communication is prohibited and may beunlawful.
Circular 230Disclaimer[/h]Circular230: To ensure compliance with the requirements imposed by the IRS, we inform you that any tax advicecontained in our communication (including any attachments) was not intended orwritten to be used, and cannot be used, for the purpose of (i) avoiding any taxpenalty or (ii) promoting, marketing or recommending to another party anytransaction or matter addressed herein.
Our advice in our communication is limited to the conclusions specifically setforth herein and is based on the completeness and accuracy of the facts andassumptions as stated. Our advice may consider tax authorities that are subjectto change, retroactively and/or prospectively. Such changes could affect thevalidity of our advice. Our advice will not be updated for subsequent changesor modifications to applicable law and regulations, or to the judicial andadministrative interpretations thereof.
Legally privileged and/or confidential information may be contained in ourcommunication; it is intended exclusively for the addressee. Opinions,conclusions and other information expressed in our communication are subject tothe terms and conditions expressed in the governing client engagement letter.If you are not the addressee (or designated representative) indicated in thismessage, you may not disclose, copy, or distribute this message to anyone.Action taken or omitted based on our communication is prohibited and may beunlawful.