Cash out from LLC
- Thread starter Forx39
- Start date
- Status
What do you mean exactly?
Unless setup otherwise, LLCs are normally transparent/pass-through entities. Profits earned by the LLC automatically becomes personal income of the members of the LLC, as per the Operating Agreement. So it's quite easy, if that's what applies to you. Just withdraw the profits from the company bank account (and declare/pay income taxes).
Things might be different depending on where you live, though. Some countries don't recognize LLCs as transparent or pass-through entities. In that case, you need to pay corporate income tax and then pay yourself dividend, and/or pay yourself a salary before dividends.
Sometimes tax authorities issue guidance on how such entities are treated. Start by checking there.
Toggle signature
This is the probably the answer to your question.
Unless setup otherwise, LLCs are normally transparent/pass-through entities. Profits earned by the LLC automatically becomes personal income of the members of the LLC, as per the Operating Agreement. So it's quite easy, if that's what applies to you. Just withdraw the profits from the company bank account (and declare/pay income taxes).
Things might be different depending on where you live, though. Some countries don't recognize LLCs as transparent or pass-through entities. In that case, you need to pay corporate income tax and then pay yourself dividend, and/or pay yourself a salary before dividends.
Sometimes tax authorities issue guidance on how such entities are treated. Start by checking there.
Toggle signature
This is the probably the answer to your question.
Would it be possible to take out the profits in the form of crypto (let's say XMR) by buying it through an account at an exchange that is in the name of the LLC?
Then just sell the XMR in your home country for cash.
Which documentation would have to be done from the LLC side (so that the corporate veil cannot be pierced - I guess)? Should this be specified in the Operating Agreement or would there be any documents that would have to be signed at the time of profit distribution?
Then just sell the XMR in your home country for cash.
Which documentation would have to be done from the LLC side (so that the corporate veil cannot be pierced - I guess)? Should this be specified in the Operating Agreement or would there be any documents that would have to be signed at the time of profit distribution?
Yes, good point!
Does Mercury accept crypto operations for LLC?
Can i deduct rent office space in Europe as business expense if it is a cash payment and not via wire transfer? Landlord prefers to get cash. Sure he can provide me a written contract. I can withdraw money from ATM and pay him. Is it possible for the LLC?
- Status