What's the minimum revenue an LLC must make in Florida or NY states?
"Depends on the State. In California, for example, you pay a franchise tax of $800 every year just for having LLC, and in addition to that - income tax on gross revenue. But in other States (like Wyoming, for example) there's no taxes at all, only registration fees (which may still amount to ~$100-300 a year). IRS doesn't care about LLC's at all (unless you chose to treat is as a corporation). You need to understand that in the US we have the ""Federal Government"" (IRS is part of that) and the ""State Government"" that deals with business entities, in each of the 50 States. Since you're talking about Italy, and not EU, you should similarly be talking about the relevant State, and not US."
"Earned income is what your software is doing, so it is taxable.  So you can't really make it tax exempt. You can form a business and claim the revenues from that business as income and deduct expenses it costs you to earn that revenue.  If you buy a server to run your software, then that is an acceptable expense to deduct from your revenues.  Others can be more questionable and the best thing to do is to consult a CPA.   If you are still in the testing stage and the revenues will be small then it should not matter.  Worry about the important things, not if you paid the IRS a few hundred to much. Are you in a state/country that allows online gambling?  In most states here in the US you are operating on shaky legal ground.  Before ""Black Friday"" I used to earn a nice part-time income playing online poker." "Generally, yes, although not in all states.  According to this article in Time: But in non-recourse states — Alaska, Arizona, California, Connecticut, Florida, Idaho, Minnesota, North Carolina, North Dakota, Texas, Utah, and Washington — the bank has no recourse beyond the repossession of the property. As for the question about what price the bank can sell it: again, each state makes its own rules, and states may have rules against selling it for much below market value. Quick Google for ""ohio state law foreclosure deficiency judgement market value"" turned this up:  Limitation on Deficiency Judgments. The property cannot be sold at foreclosure sale for less than two-thirds of the appraised fair market value. (Ohio Rev. Code §§ 2329.20, 2329.17).   (source:   http://www.nolo.com/legal-encyclopedia/deficiency-judgments-after-foreclosure-ohio.html)" Do you have a separate bank account for your business?  That is generally highly recommended. I have a credit card for my single-member LLC.  I prefer it this way because it makes the separation of personal and business expenses very clear. Using a personal credit card, but using it for only business expenses seems to be a reasonable practice.  You may be able to do one better though... For your sole proprietorship, you can file a DBA which establishes the business name.  The details of this depend on your state.  With a DBA, I believe you can open a bank account in the name of your business and you may also be able to open a credit card account in the name of the business.  I'm not sure what practical difference it makes, but it does make the personal/business distinction clearer.  Though, at that point, you might as well just do the LLC... "Assuming you are talking about an LLC in the United States, there are no tax repercussions on the LLC itself, because LLCs use pass-through taxation in the U.S., meaning that the LLC does not pay taxes. Whatever you take out of the LLC in the form of distributions goes onto your personal income tax as ordinary income, and you pay personal income tax on it.  See this link on the subject from the Nolo.com web site: Tax treatment of an LLC from the Nolo.com web site Repayment of your loan by the LLC would just be another business expense for the business itself.  I guess the question would then turn on what your personal tax repercussion would be for payments received from the LLC on the loan.  I would guess (and I emphasize ""guess"") that you would pay tax on any interest gain from the loan payments, which makes the assumption you made the loan to include interest.  If not (in other words, if you made this an interest-free loan) then it would be considered a wash for tax purposes and you would have no tax liability for yourself. To reiterate, the LLC (if it is a U.S.. entity) does not pay taxes.  Taxation of LLC income is based on whatever distributions the principals take out of it, which is then claimed as taxable personal income. My apologies to littleadv for not making my prior answer (I deleted it) more clear about my answer assuming you were speaking of a U.S.-chartered LLC. I hope this helps. Good luck!" This is bullshit. The US government requires taxes to be paid in USD. There's your intrinsic value. If you want to be compliant with the federal law, your business and you as an individual are required to convert assets or labor into USD to pay them. Thank you for the pointers! Did you find it necessary to hire an attorney to set up your llc? Have you found any real down-sides with the llc option? It seems to be great in most circumstances from what I'm reading/hearing, there must be some negatives. Firstly if your Partnership makes less than $20,000 in revenue (before expenses are applied), then you cannot claim any net losses from the Partnership against your other income. However, you still need to include the Partnership details in your Tax Return showing your portion on the net loss, and you will also be required to submit a separate Tax Return for the Partnership showing the net losses. Any net losses from the Partnership will be carried forward to future tax years and can be used as a deduction against your Partnership Income when and if it does start to make a profit. or just input it in my accounting software along with receipts, and   then when I'm doing taxes this would go under the investment or loses   (is it somewhere along that line)? Yes, this. Generally, for the long term you should have a separate bank account and charge card for your business. I started my business (LLC) by filing online, and paying a fee for a   registration, and that makes it a business cost right? Startup cost. There are special rules about this. Talk to your tax adviser. For the amounts in question you could probably expense it, but verify.