Mixed Insurance Banners Health Insurance for Visitors to USA

Announcement

Collapse
No announcement yet.

Owning an LLC and using earned funds

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • Owning an LLC and using earned funds

    Hi,

    This is my first post, so hi all. I'm from Europe, living in US currently waiting for F2 status (transition from B1/B2), I do have a US bank account.

    I'm about to register an LLC and employ a friend with a Green Card as a manager - only legal way for the LLC to function in US and sell our products to US based customers. I know that I cannot do any work in the company (as it would violate my status, thus having a manager with GC) but how do I go about transferring or using the funds on business checking account for my own use ? Would it be legal for me to simply write a check from business LLC account to my name and deposit it on my personal checking account ? How would I go about filing taxes as a F2 visa holder who cannot be engaged in any work activities ?

  • #2
    When the LLC manager resolves to distribute a portion of the members capital account, the LLC will issue a check to the member (unless the distribution is in-kind). The LLC manager will retain a bookeeper to maintain the accounts of the enterprise if he himself isn't adept at partnership accounting

    The LLC member (you) will file business income taxes on their IRS Form 1040NR Schedule C, unless the LLC itself elects corporate tax treatment. The LLC member will retain a tax preparer to complete these forms if he himself isn't adept at tax reporting

    Comment

    Working...
    X