Re: LLC contribution
- From: kamlet@xxxxxxxxx (Arthur Kamlet)
- Date: Sat, 28 Jun 2008 01:05:09 +0000 (UTC)
In article <486585f8$0$2569$892e0abb@xxxxxxxxxxxxxxxxxxxxxxxxxxxx>,
CharlieB <cdbiem@xxxxxxxxxx> wrote:
If I contribute money to my LLC which I am the sole member do I report
that on the federal income tax form?
A single member LLC is, by default, a sole proprietor, or similar
depending on the nature of the trade or business.
However you can elect to be treated for tax purposes as a corporation.
Before thinking of being treated as a corporation discuss that with
a very experienced tax professional whose practice includes corporate
tax.
But if you are just a one-person business operation, the LLC is, for
IRS purposes, an entity which is disregarded as different from yourself.
So your question boils down to a question of putting money from
your right pocket into your left pocket. No effect.
--
ArtKamlet at a o l dot c o m Columbus OH K2PZH
.
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- From: CharlieB
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