OP, your question is the tax equivalent of "I have a computer, what software should I use?"
Find someone -- lawyer or accountant -- who is local to you. Don't use the internet. (Reason: local knowledge matters). Example: an LLC in Dubai is not the same as an LLC in Delaware. An LLC in Delaware has different filing requirements than an LLC in California.
That person will want to know about ownership, assets, and activities -- Who owns this LLC, what it owns, and what it has done. If you are in the USA there is also the option of making an LLC behave in different ways for tax purposes. (See IRS Form 8832).
Then and only then can you get a competent answer to your question.
Note also that your answer is not self-contained. Tax effects bleed from the LLC to the owners. The income earned by the LLC will be taxable (probably to them) and must show up on their tax returns somehow.
And paperwork problems are not self-contained within the income tax world. E.g., you may be required to get a business license. Or (like California) you might be exposed to the sales and use tax paperwork in a surprising and nonobvious way.
Again. Go find someone local. Give that person money. For the price of a few small green rectangles you can buy decades of accumulated wisdom. Think of the time and stress you save yourself!
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[ 6.5 ms ] story [ 17.4 ms ] threadHN and every other forum will give you all possible answers and will only add to the confusion.
Find someone -- lawyer or accountant -- who is local to you. Don't use the internet. (Reason: local knowledge matters). Example: an LLC in Dubai is not the same as an LLC in Delaware. An LLC in Delaware has different filing requirements than an LLC in California.
That person will want to know about ownership, assets, and activities -- Who owns this LLC, what it owns, and what it has done. If you are in the USA there is also the option of making an LLC behave in different ways for tax purposes. (See IRS Form 8832).
Then and only then can you get a competent answer to your question.
Note also that your answer is not self-contained. Tax effects bleed from the LLC to the owners. The income earned by the LLC will be taxable (probably to them) and must show up on their tax returns somehow.
And paperwork problems are not self-contained within the income tax world. E.g., you may be required to get a business license. Or (like California) you might be exposed to the sales and use tax paperwork in a surprising and nonobvious way.
Again. Go find someone local. Give that person money. For the price of a few small green rectangles you can buy decades of accumulated wisdom. Think of the time and stress you save yourself!
Good luck. :-)