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What are the tax liabilities for a South Carolina LLC that does business in New York state as a foreign LLC

Asked over 3 years ago - Manlius, NY

Hello,
I started an LLC in the state of SC but due to the poor economy, I will be starting a website in NYS. I am in the process of filing to do buisness in NYS as a foreign LLC. Currently I am working full time. My question is how will I be taxed this year, will my income from working full time be considered taxable as income under my LLC? My profits from my business will not exceed the amount of money I have put in to this by the end of this year, but if I were to add my income from my job it would be a large profit.
Please let me know what you think and if I could give you more information to help me answer my question.
Thank You,
Brittney

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Attorney answers (1)

David M. Walker

Reputation Level 7

Answered over 3 years ago. Venture Capital Attorney in Atlanta, GA.

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If the full time work you do is for an employee for another company, then no that income will not be taxed under your LLC. As an employee, you will receive a W-2 at the end of the year, which goes on your personal income tax, not your business. If, on the other hand, your full time work hires you as an independent contractor and they issue you a 1099 instead of a W-2, then it will be included as income to your LLC. So the sole question is whether your full time is as an employee or as an independent contractor.

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