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I operate a sole proprietorship that i established as an llc…

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I operate a sole...

I operate a sole proprietorship that i established as an llc 2 years ago. I have paid taxes on all the cash in the business savings and checking account. Can I just move the money into an investment account in my spouse’s name and mine?

Submitted: 4 months ago.Category: Tax
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3/19/2018
Tax Professional: Tax.appeal.168, Tax Accountant replied 4 months ago
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 4,759
Experience: 3+ decades of varied tax industry exp. Tax Biz owner
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Tax Professional: Tax.appeal.168, Tax Accountant replied 4 months ago

Let me first clarify that a sole proprietorship and an LLC are two different business entity types. They are not one of the same, even though as a single member LLC, you still file the Schedule C. Regarding investing the funds, yes, you can invest the funds.

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Tax Professional: Tax.appeal.168, Tax Accountant replied 4 months ago

As long as you pay the applicable taxes on income earned, the IRS really doesn't care what you do with the money.

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Customer reply replied 4 months ago
Great. Thanks. The state has asked for us to file an annual report for our massage practice ( now llc). We don’t have one. I just go house to house in my car. And file schedule c. Do i have to generate one and if so how or who does this? I live in Nj
Customer reply replied 4 months ago
Did you get my second request re: annual report requirement nj ?
Tax Professional: Tax.appeal.168, Tax Accountant replied 4 months ago

I did. I am checking into that matter now. I will get back to you shortly.

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Tax Professional: Tax.appeal.168, Tax Accountant replied 4 months ago

All profit and non-profit corporations (domestic and foreign), as well as all limited partnerships, limited liability companies, and limited liability partnerships must submit annual reports and associated processing fees each year following their dates of incorporation/registration. Online filing is now mandatory for all annual report filings. The annual report due date for all businesses will be the last day of the anniversary month of the entity's formation in New Jersey.

The annual fees are:

$50.00 for profit corporations, LPs, LLPs, and LLCs
$25.00 for non-profits

Annual report filing is a prerequisite for maintaining an active business status. In accordance with State law, businesses that fail to file annual reports for two consecutive years will be revoked.

Electronic Filing Mandate

All business entities are subject to the annual report electronic filing mandate. If the business, its officers, directors or registered agent do not have access to the internet that would enable compliance with the electronic filing requirements, an e-file exemption request may be submitted. Notarized statements by both an authorized business representative and the registered agent indicating the lack of internet access are required. Approved exemptions are valid for the current filing year only.
For additional information regarding the annual report, please contact DORES’s Business Tax Hotline at(###) ###-####

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Tax Professional: Tax.appeal.168, Tax Accountant replied 4 months ago

You can file the online report at the following link.

https://www.njportal.com/dor/annualreports

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