vendredi 26 février 2016

Single Member LLC questions

Hello, I own a single member LLC which is also a home based business and have a few questions. My accountant is good but not good at explaining in detail some items. My questions are as follows


First here is what I do do...I enter everything into Quickbooks and it is all reconciled. I was even audited by the IRS 2 years ago and passed. My business credit card pays for everything my business buys it also pays for my home utilities since I am a home based business and I believe my account writes off a portion of the whole electric bill, water bill etc...

I also use a 12x12 space for my office and use my garage for product storage and write those sections of my house off. now my questions are below because I am a consrevative person who does not want to get into trouble with the law or sued as I want to protect my assest for my wife and little girls.


1. She told me to have protection under the LLC I have to act like a corporation which includes meeting minutes. I researched it and found I have to hold a meeting with myself going over items. So I doing meeting minuted every January going over the previous year and goals for the upcoming year. Is doing meeting minutes once a year in January enough or do I have to do it more often?

2. Are there any other thing like meeting minutes I have to do to act like a corporation? Basically what ALL do I have to do to be protected? (please explain in simple terms if possible if you can haha)

Thanks for answering :)


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