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LLC ownership and taxation question - "I will not promote"
Fellow startup crew - After 23 years in the corporate rat race, I've decided to start something on my own. I'm not going big bang with VC funding, etc., but completely bootstrapped to begin with. I'm based in the US and from my research, I understand that you do not need to be a citizen, nor have a work permit to start/own an LLC, as long as you have someone with a work permit as an employee or a partner. If this is true, I'm trying to understand some of the tax implications here. Assuming I go the route of employing someone, do I have to show proof of compensation in any form to the concerned authorities? And should all withdrawal of funds from the business account be a business expense only? If there are any tax consultants/lawyers specializing in LLC formation, I'll be grateful for any insight and guidance. I'm happy to pay for it within my means. Thanks in advance! "i will not promote"3
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