http://hotbusinessonline.info/how-do-i-retroactively-transfer-personal-income-to-my-new-business/168/ Businesses in a Box? I Don't Think So! Thu, 01 Apr 2010 00:47:18 +0000 hourly 1 http://wordpress.org/?v=3.3.1 http://hotbusinessonline.info/how-do-i-retroactively-transfer-personal-income-to-my-new-business/168/comment-page-1/#comment-85 confair Sat, 01 Nov 2008 14:10:19 +0000 http://hotbusinessonline.info/how-do-i-retroactively-transfer-personal-income-to-my-new-business/168/#comment-85 Technically the income you received prior to becoming an LLC belongs to you as a sole proprietor (sch c). The best thing tax wise for now would be to pull your P&L to make sure you have enough expenses to create a loss or break even (since most start ups do for the first few years). If you have a loss no big deal... it will off set all other income for the year and you are ok. Then start your LLC paperwork now. The income and Assets you have acquired prior to starting the LLC would be considered part of your investment into the business. But since we are calendar tax payers it could be more beneficial to start your LLC on 1/1/2007 instead of 2006 check your financials and with your tax advisor to be sure this is good for your situation. Technically the income you received prior to becoming an LLC belongs to you as a sole proprietor (sch c). The best thing tax wise for now would be to pull your P&L to make sure you have enough expenses to create a loss or break even (since most start ups do for the first few years). If you have a loss no big deal… it will off set all other income for the year and you are ok. Then start your LLC paperwork now. The income and Assets you have acquired prior to starting the LLC would be considered part of your investment into the business. But since we are calendar tax payers it could be more beneficial to start your LLC on 1/1/2007 instead of 2006 check your financials and with your tax advisor to be sure this is good for your situation.

]]> http://hotbusinessonline.info/how-do-i-retroactively-transfer-personal-income-to-my-new-business/168/comment-page-1/#comment-84 CPAKeith Wed, 29 Oct 2008 19:14:26 +0000 http://hotbusinessonline.info/how-do-i-retroactively-transfer-personal-income-to-my-new-business/168/#comment-84 No, you can't just assign your personal income to the LLC before the entity existed. Once you file the paperwork for the LLC it can start to generate income separately. No, you can’t just assign your personal income to the LLC before the entity existed. Once you file the paperwork for the LLC it can start to generate income separately.

]]> http://hotbusinessonline.info/how-do-i-retroactively-transfer-personal-income-to-my-new-business/168/comment-page-1/#comment-83 trebor2 Tue, 28 Oct 2008 18:22:47 +0000 http://hotbusinessonline.info/how-do-i-retroactively-transfer-personal-income-to-my-new-business/168/#comment-83 Hey! Spend a few bucks, and see A qualified TAX man - no freeby's here. Hey! Spend a few bucks, and see
A qualified TAX man – no freeby’s here.

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