06-01-2005, 09:45 AM
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 Re: Question on tax liability of LLC for owner's personal income jason wrote: - quote - > I have a question. I'm starting a design company that will
Okay, we all have to make an assumption here, and that is> recieve large sums of money from clients in advance of items > being ordered. that the "company" will be individually owned by you. Not a partnership or one with any others' ownership interest. - quote - > If a judgement is entered against me personally such as an
Ah, an LLC. Yes, THEIRS (The IRS) can. Because they think> IRS lein can they take the money in the account of the LLC? the money IS "theirs". - quote - > What if the account is setup as a single member LLC with
Same as above.> it's own fein number? - quote - > The IRS still classifies this as a "disregarded entity" does
Same as above. Sorry to repeat myself.> that mean that if I owe past personal taxes they can take my > clients money that's in my account to pay it? - quote - > What if I set it up as a normal LLC not as a disregarded
no such thing.> enitity? When you speak with an attorney about the structure, make sure you tell him about your back taxes. He just may advise a regular corporation. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
05-31-2005, 06:29 AM
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| Question on tax liability of LLC for owner's personal income tax I have a question. I'm starting a design company that will recieve large sums of money from clients in advance of items being ordered. If a judgement is entered against me personally such as an IRS lein can they take the money in the account of the LLC? What if the account is setup as a single member LLC with it's own fein number? The IRS still classifies this as a "disregarded entity" does that mean that if I owe past personal taxes they can take my clients money that's in my account to pay it? What if I set it up as a normal LLC not as a disregarded enitity? Thanks Jason << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| income, liability, llc, owner, personal, question, tax |
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