Starting LLC, Tax Benefits?

dcu · #1 18th July 2002, 03:09 PM

Dear ALL,
I am planning to start LLC @ home.
I am thinking of saving tax by deducting Rent,PhoneBill,etc., from this firm.

Will there be any issue, if the LLC is incorporated in my Apartment.

Also, what are the pros/cons of starting LLC. Can I show 'No income' to this company, as I will be still employed by another employer.

Thanks,

danj · #2 18th July 2002, 06:41 PM

GO to Nolo.com for all your LLC Questions.

Danj

Abdenour Achab · #3 28th July 2002, 08:25 PM

Hi DCU,

The LCC cannot be incorporated in your
apartment, unless your apartment is one
of the 50 or so states in the US. Better
incorporate in Delaware instead.

You can run the business from your apartment.
I ran mine from my condominium.
You should make a good faith effort
though to generate an income and even a profit.
The chances of being audited are high if
you don't have a profit in the 3rd year.

You can deduct so many things. Am not expert
on this, but part of your rent, utilities, mileage,
business expenses, meals, etc. will be tax
deductibles.

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