Marketplaces

What is the definition of a member’s distributive share of an LLC?

Each member’s distributive share is his or her respective interest in the LLC’s profits or losses for a given year (whether or not…

I own my LLC along with one (or more) other members. How should we apportion the amount of profit (or losses) for the purpose of reporting taxes?

Multi-owner LLCs (like single-owner LLCs) are taxed only…

I am the sole owner of my LLC. How do I report my income and losses?

As the sole owner of an LLC, you will report all of the profits (or loss) from your LLC on Schedule C and file it with your 1040 Tax Return.

What tax documents will I need to fill out for my LLC?

Because an LLC is a pass-through tax entity, meaning there are is no taxation of the LLC itself, you will report your profits from the LLC on…

How should I track revenue and expenses of my business?

It is important to use some type of tool to track all revenue and expenses of the LLC.

I run a business through an online marketplace. Are there any steps I can take to protect myself and my company?

One step you can take is to create a formal legal entity, such as an LLC.

I haven’t sold anything for money but have bartered goods using an online exchange. Should I report that?

Bartering is an exchange of property or services and the fair market value of the property or…

Am I subject to the Self-Employment Tax?

A self employed individual (even in a part-time business) is generally required to file an annual return and pay estimated tax quarterly by filing Schedule SE…

I own my LLC with a partner (or partners). Are there any documents that govern our rights between one another?

Although many states do not require an LLC to have an operating agreement, it’s advised that…