Hey there, gang! Jim here again from Hawthorne Law. Today, I want to talk about single-member LLCs. I want to discuss what they are and how you can avoid the risks of getting sued and having your personal assets exposed to creditors. If you have a single-member LLC, this is particularly important for you. So, let's start with what an LLC is. An LLC stands for a limited liability company. A single-member LLC is basically an LLC that only has one member, which in most cases would be you. Alternatively, you could have a multi-member LLC, where you and your buddies come together to form an LLC. This is cool too, and it's called a multi-member LLC. Many people choose to form an LLC, especially for online businesses, because they want to protect themselves from personal liability. Let's say you have a blog where you give advice or sell products. If someone gets hurt or damaged based on your advice or products, they could potentially sue you. To safeguard your personal assets, you want to maintain what's called a "corporate veil." You can achieve this by forming an LLC (or you can also form a corporation, but we'll focus on the LLC today). Here's how it works: when you form an LLC, you gain what's known as the corporate veil. Think of it as a protective dome. Your personal assets are all underneath this corporate veil, shielded from lawsuits and creditors. However, if a creditor or someone injured by your business wants to access the assets within this corporate veil, they can attempt to pierce the corporate veil. There are several ways they can do this, which I'll discuss here today. One of the most common ways to pierce the corporate veil is through the use of the alter-ego doctrine....
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Single member llc qsub Form: What You Should Know
However, the IRS will consider the return a tax return if: The taxpayer owns less than 50% of the LLC's equity. The taxpayer is a resident of a U.S. tax jurisdiction, or that jurisdiction provides a higher tax treatment for a non-U.S. owner of the LLC as compared to the U.S. If the LLC is treated as a partnership for federal tax purposes, the IRS provides a schedule to be filed in the form of Schedule B-3 or Form 1065. The form has the date of filing as December 31, 2007, and the date of receipt from the IRS of the information contained in the return. A partnership tax return is a return provided by an entity, such as a corporation, partnership or similar entity (other than a limited liability company), which is taxed as if it were a taxpayer. The name of the entity that files the return is printed on the return. The return must contain certain information that the taxpayer has furnished. Examples of requirements: Filing Schedule B-3. The IRS must attach a Schedule B-3 to the return. The return must contain the information described in Paragraph 2.1 of this article. The IRS must attach information from Form 1065 to the return. The return must contain the information described in Paragraph 2 of this article. Form 1065 must be included with Form 1065-B, U.S. Information Return for Certain Tax Haven Entities. For additional information about this topic, go here. Additional information: S corporation owner can elect to report the LLC tax return on a Schedule 8. See here for details about how to file a Schedule 8. Single member S corp shareholder owns less than half of the equity in the LLC and has no owner or partner. Paragraph 2.3 of this article will explain how the single-member LLC S corp shareholder (and/or the sole owner of the LLC) can elect to treat the LLC S corporation as a tax-exempt entity for federal tax purposes if he/she owns less than 50% of the equity in the LLC. Paragraph 2.4 of this article will explain how the single-member LLC S corp shareholder (and/or the sole owner of the LLC) can elect to use a Form 8869 to elect to treat the LLC S corporation as a qualified subchapter S subsidiary (Sub).
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