Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 04-24-2015, 11:48 AM
Junior Member
 
Join Date: Apr 2015
Posts: 1
When should I form my LLC?

Good morning,
I'm in the midst of setting up a promotions company. I will be doing a few different concerts per year in the entertainment realm. However I don't plan to start doing actual business until 2016. But I do plan to get some contracts signed with various artists in the next couple of months to schedule an event in 2016. Should I start my LLC now? Or should I just wait until January for tax purposes? Thank you so much for your time



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 04-24-2015, 12:43 PM
Moderator
 
Join Date: Oct 2010
Posts: 5,258
Should I start my LLC now?================>>I assume LLC means SMLLC, then you do not need to start your LLC UNLESS you are actually engaged in business activities.

Or should I just wait until January for tax purposes?============>>>>I think so; you need to start your SMLLC when you actually get business contracts with your clients in 2016. As a disregarded for tax purposes, you usually need to report all of the LLC’s business activity on a personal tax return by calculating each net profit or loss on the Sch C attachment to IRS Form 1040. However, you need not file a Sch C/SE UNLESS the net taxable earnings for the business are $400 or more. Therefore, no tax reporting requirements exist for inactive SMLLC.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Do I have to mail in form 8453 for form 8949 if I already filed this info on schedules D E and form 8949? Cbarry Filing Requirements 8 05-05-2017 01:27 PM
Do I have to mail in form 8453 for form 8949 if I already filed this info on schedules D E and form 8949? Cbarry Miscellaneous 0 03-18-2015 04:02 PM
Do I have to mail in form 8453 for form 8949 if I already filed this info on schedules D E and form 8949? Cbarry Capital Gains 0 03-18-2015 04:00 PM
Form 1041 for Estate/Trust - Combining by filing Form 8855 Reno98 Trusts and Gift Tax Returns 1 02-09-2014 10:53 PM
Which Partnerships are required to file Form 8804 and Form 8805? TaxGuru Limited Liability Company 0 05-06-2013 02:45 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.