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I'm very confused and...

I'm very confused and scared about what I'm reading and need help

Accountant's Assistant: The Expert will know how to help. Please tell me more, so we can help you best.

I opened an LLC a year ago and was not really given much Information on how to manage it

Accountant's Assistant: Is there anything else important you think the Expert should know?

I was told since I was the only member is was just an extension of myself and I could use the funds how I pleased

Submitted: 8 months ago.Category: Tax
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9/14/2017
Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 8 months ago
Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Tax
Satisfied Customers: 2,329
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
Verified

Hello my name is ***** ***** I will be able to assist you today.

For federal tax paying purposes sole proprietorship LLC's that are not incorporated are considered disregarded entities.

I have included a link below along with an excerpt from the IRS web site in regards ***** ***** LLC

https://www.irs.gov/businesses/small-businesses-self-employed/limited-liability-company-llc

"Depending on elections made by the LLC and the number of members, the IRS will treat an LLC as either a corporation, partnership, or as part of the LLC’s owner’s tax return (a “disregarded entity”). "

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Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 8 months ago

Hello my name is ***** ***** I will be able to assist you today.

For federal tax paying purposes sole proprietorship LLC's that are not incorporated are considered disregarded entities.

I have included a link below along with an excerpt from the IRS web site in regards ***** ***** LLC

https://www.irs.gov/businesses/small-businesses-self-employed/limited-liability-company-llc

"Depending on elections made by the LLC and the number of members, the IRS will treat an LLC as either a corporation, partnership, or as part of the LLC’s owner’s tax return (a “disregarded entity”). "

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Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 8 months ago

You will not receive any further information of how to manage a LLC unless you hire an accountant, lawyer, financial planner or tax advisor.

Let me know if you require further assistance with this matter.

At the conclusion of this question, I ask that you take the time and scroll to the top of the page and select 3 or more stars to positively rate my response so that I can receive credit for assisting you.

Thank you!

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