OK I started a single member LLC back in May of 2010 but the business never saw any revenue. It appears to be too late to file form 2553 to be taxed as an S-Corp.
Now I am a member of a few small private businesses. I am wondering if it might be wise to take member distributions and/or salaries through the single member LLC. In other words, instead of me owning the shares personally, I would have my single member LLC actually own the shares. Then all funds will come in through my own business like a Holding Company.
I know I should seek legal advice but what i am asking is if others have tried to do this, anything they learned along the way, maybe it wasn't best for them etc. etc.
I mean I could easily just cash the checks in my own personal name but didn't know if it might be better to funnel everything through a single member LLC.
Any advice on this? :smx9:
Now I am a member of a few small private businesses. I am wondering if it might be wise to take member distributions and/or salaries through the single member LLC. In other words, instead of me owning the shares personally, I would have my single member LLC actually own the shares. Then all funds will come in through my own business like a Holding Company.
I know I should seek legal advice but what i am asking is if others have tried to do this, anything they learned along the way, maybe it wasn't best for them etc. etc.
I mean I could easily just cash the checks in my own personal name but didn't know if it might be better to funnel everything through a single member LLC.
Any advice on this? :smx9:
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