![]() NOTE: For a small clothing or fashion business, you only need a business license and a sellers permit. Form 5472 is an information return for tax purposes and after an LLC is liquidated, it must file aįinal Form 5472 as well as when adding members.My business is designing canine clothing for basset hounds along with accessories that include outerwear, booties and hats. No formalities such as corporate minutes to hold unless you filed an IRS form and you treat your LLC as a "C" corporation.Īll LLCs need an IRS EIN after setting the LLC up, and a Responsible Person as well s keeping track of members and LLCs financial transactions and a filing of Form 5472.įoreign persons will have to report individually the transactions. LLCs were first created in Wyoming in 1987 and have become the preferred entities because LLCs are not bound by the same rigid rules of corporations and require Partnerships and corporations and preferable because they allow you to save on taxes.įor example, the “New LLC Law” that became effective in 2018 and the 20% reduction in business taxes for small businesses earning less than $157,500. Limited liability companies (“LLCs”) are hybrid entities that blend pass-through taxation of ![]() Limited liability for the debts and actions of the LLC. Setting up or forming a limited liability company (LLC) online is simple, easy and affordable, inexpensive process for under $60 plus state fees.Īn LLC is a corporate structure and you will not be held personally liable for the company debts or liabilities because, similar to a corporation, owners have
0 Comments
Leave a Reply. |