ChevChanceOPBtoSmall Business@indiehackers.space•Dormant LLC; does it matter if I pay residual personal taxes directly from biz account?English
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1 year agoYeah, it was elected for tax purposes as an S Corp, a few days after the LLC was formed.
Yeah, it was elected for tax purposes as an S Corp, a few days after the LLC was formed.
Yes, as a pass-through (elected as an S Corp). Regarding keeping the LLC around, that was my thinking too. I’m based in CA so there’s a minimum franchise tax of $800/year, irrespective of income, plus I’ll need to file business taxes regardless of whether the entity has been active, but I’d like to earn some side money through it, and it’s a constant if I end up getting laid off from my current W2.