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What is the difference between single member or multiple members LLCs?|InfoTaxSquare.com

 
 
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Category : > Limited Liability Company (LLC)
Posted On : Fri Aug 28th,2009

 
What is the difference between single member or multiple members LLCs?
 

Generally, Limited liability Company (LLC) can be formed with unlimited numbers of shareholders. In such a case it is called multiple members LLC. Nevertheless, most states also permit "single member" LLCs, those having only one owner. A single-member LLC is taxed as a sole proprietorship, while a multiple-member LLC is taxed as a partnership. 

  

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Comments (13)
KImberly Dudley   wrote on : Fri Jan 29th,2010
Can partners be added at a later date with multiple-members LLC?
Reply : infotaxsquare.com
 
Dear Kimberly Dudley: Thanks for choosing InfoTaxSquare.com for your business needs.Yes members can be added any time after forming LLC (Limited Liability Company).

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Reply : infotaxsquare.com
 
Dear Kimberly Dudley:
 Thanks for choosing InfoTaxSquare.com for your business needs.Yes members can be added any time after forming LLC (Limited Liability Company).

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Lillian   wrote on : Mon Apr 05th,2010
A sole proprietorship has owner's draw. Does a single LLC also use the Draw account or does the owner have a salary and pay payroll taxes the same as his employees?
Reply : infotaxsquare.com
 
Dear  Lillian:  Thanks for choosing InfoTaxSquare.com for your business needs.In single member LLC. Members are not required to draw salaries. Only employees of the LLC other than members are required to pay salaries.

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Jasmeen   wrote on : Tue May 04th,2010
LLC usually run by Members. But when Managers are managing the LLC then what are their income tax obligations? Would they be liable to pay tax on income?
Reply : infotaxsquare.com
 

W-2 will be issues if working as an employee and if holding ownership then K-1 must be issued.



Jedwin Sarah   wrote on : Wed May 05th,2010
I have a couple of different online businesses I am about to launch and I was wondering what the best way to set everything up would be. Is it possible to have one LLC like "My web businesses LLC" for everything or do I need to do separate ones for each. Or is just the DBA route the direction I need to head in??? I am very new to this so please bear with me. I am basically looking for the easiest way to do it come tax time!!! If I am not mistaken I would only have to have one merchant services account then as well. What do you guys think is my best option?
Reply : infotaxsquare.com
 

Our suggestion is to create an LLC for your business. Because LLC (Limited Liability Company) has the ability to manage multiple businesses under one LLC. You are not required to establish a separate entity for each business. Limited Liability company also limits your liability at some extent and all members of the LLC can be exempted by pulling out the payroll.



shannon   wrote on : Tue Jan 25th,2011
I am helping out my son trying to form a single LLC. He has already recieved his Employer identification number. not sure what the next step? What is the total $ to complete him getting a LLC. His new job is in California and he will be in sells for a flooring company. Need to get this done as fast as possible. Please email me back. For some strange reason he thinks i know this stuff! Will your service cover everything, according to the letter he recieved IRS he needs to file form 8832. Thanks Shannon
Reply : infotaxsquare.com
 
Dear Shannon,

Thanks for choosing InfoTaxSquare.com for your business needs. Please use the following link to apply your Limited Liability Company (LLC). If you have any question please do not hesitate to contact us at 516.822.3100.

https://www.infotaxsquare.com/processor/order-init.php?o=lc


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elizabeth bangura   wrote on : Sat Apr 16th,2011
I NEED TO APPLY FOR A FOOD VENDOR PERMIT, HOW DO I APPLY FOR A PERMIT? I LIVE IN NJ.
Reply : infotaxsquare.com
 
Dear  Elizabeth Bangura:

Thanks for choosing InfoTaxSquare.com for your business needs. We apply for New York State only.

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Cheryl   wrote on : Fri Jun 24th,2011
How does a member remove themselve from an multi-partner LLC
Reply : infotaxsquare.com
 
Dear Cheryl:

Thanks for choosing InfoTaxSquare.com for your business needs. You can either file annual report or write minutes. Depends on the state.


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Michele   wrote on : Wed Nov 23rd,2011
Can a single member LLC have a divison or dba that is also a single member LLC? Example: Software Enterprise LLC dba Quick Entry LLC?
Reply : infotaxsquare.com
 
Dear Michele:

Thanks for considering InfoTaxSquare.com for your business needs. It depends on the State are you in but in most states do not allow you to do it. Please let us know what state are you in?


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Simone Kyle   wrote on : Mon May 28th,2012
Hello my name is Simone Kyle and I am interested in purchasing my own ice cream truck / mobile deli. I would Like to know if an LLC needs to be formed to open an operate a mobile business?
Reply : infotaxsquare.com
 
Dear Simone Kyle:

Thanks for choosing InfoTaxSquare.com for your business needs. Forming an LLC is is not required to conduct any business. If you are using a business name to advertise your business then you may have to create a dba (Doing Business As) and you also may need to obtain Sales Tax and Business License, depends what state and county are you located.

You may also use the following link to read more or call us at 516.822.3100.

http://infotaxsquare.com/e-book/

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James Pizzey   wrote on : Mon Jun 18th,2012
I am a Canadian citizen looking to incorporate in the US. I have acquired a number of residential properties in the west and southwest and I am looking at a one manager/owner-type of business. What would be the best type of incorporation to obtain and does it matter what state I would file my papers in?
Reply : infotaxsquare.com
 

Dear James Pizzey:

Thanks for choosing InfoTaxSquare.com for your business needs.

1. LP (Limited Partnership) is recommended for the Canadian Citizens to buy properties in USA.

2. You are required to Establish LP in the state where you are buying properties otherwise you have to foreign qualify your LP in the state you are buying properties.

For instance:

You you register LP in the state of State of Delaware and buy properties in the state of Florida. You can form your Limited Partnership in the state of Delaware but since you bought properties in Florida, you are required to foreign qualify your Delaware Entity in the State of Florida.

You can check the prices by using the following link.

https://www.infotaxsquare.com/forms/order-init.php

You can also use the following link to read about more structures to register company in United State.

http://www.infotaxsquare.com/e-book/

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Yolanda Alston-Clark   wrote on : Tue Sep 11th,2012
Hello, I would like to change the name of my business - which is a LLC. Do I need a new EIN # or Maryland Sales & Use Tax License? And if so, is that a service you will do as well? Please advise. Thank you, Yolanda
Reply : infotaxsquare.com
 
Dear   Yolanda Alston-Clark:

Thanks for choosing InfoTaxSquare.com for your business needs. You can use the following link to Change Business Name. You do not have to change EIN and other licenses. You will just notify them to update their records.
https://infotaxsquare.com/forms/certificate_of_amendment.php

You can also use the following link to read more about Changing Company Name.

http://www.infotaxsquare.com/e-book/






jerry burton   wrote on : Mon Feb 04th,2013
if i own one bussness with the LLC do or can i use the same ein no to start a new bussness
Reply : infotaxsquare.com
 
Dear  Jerry Burton:

Thanks for choosing InfoTaxSquare.com for your business needs.You need to apply for Employer Identification Number after your Articles of Organization is approved by the state.

You can also use the following link to read more about our services.



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Marc   wrote on : Wed Mar 13th,2013
I am currently looking to form a multi-member LLC. How does liability work in this form of LLC? For instance, in what cases could my personal assets be at risk with regards to actions by other members. For example, if one of the members is involved in a car accident that results in the death of an individual, are my personal assets at risk? Do you have any other examples that they could be at risk?
Reply : infotaxsquare.com
 

Dear Marc:

Thanks for choosing InfoTaxSquare.com for your business needs. General idea to Create an LLC (Limited Liability Company) is separating personal assets from your business. It can give you protection at some extent, but we suggest you to please ask an attorney for any legal advice. InfoTaxSquare.com job is limited to Register LLC.


You can use following links for help.

https://www.infotaxsquare.com/display_article.php?id=24

https://www.infotaxsquare.com/processor/order-init.php?o=lc



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