@bayport No worries! The top 2 legal requirements for an LLC are 1) LLC isn't doing something illegal, and 2) it is a profit-seeking business and not a hobby (+ permits, etc..)
And, the IRS of course doesn't look favorably on money losing businesses that are deducting obviously personal assets.
However, theATL.social is an OpEx only business - no assets current or planned. There is IP/branding, but that isn't relevant to any accounting in this situation.
@bayport I'm not sure on what you are specifically asking - if you could clarify?
An LLC could sell or provide whatever it wants - the primarily legal requirement is that what's being bought/sold is something legal, and from the IRS's perspective, that the business is not a hobby and is profitable for at least 3 out of 5 tax years.
WIth this in mind, the LLC would provide a service, to which people may pay/contribute for that service to be generally available to them and others. (*edited)
@bayport No worries! The top 2 legal requirements for an LLC are 1) LLC isn't doing something illegal, and 2) it is a profit-seeking business and not a hobby (+ permits, etc..)
And, the IRS of course doesn't look favorably on money losing businesses that are deducting obviously personal assets.
However, theATL.social is an OpEx only business - no assets current or planned. There is IP/branding, but that isn't relevant to any accounting in this situation.
@bayport I'm not sure on what you are specifically asking - if you could clarify?
An LLC could sell or provide whatever it wants - the primarily legal requirement is that what's being bought/sold is something legal, and from the IRS's perspective, that the business is not a hobby and is profitable for at least 3 out of 5 tax years.
WIth this in mind, the LLC would provide a service, to which people may pay/contribute for that service to be generally available to them and others. (*edited)