Your friendly theATL.social sysop...and enthusiast of #urbanism, #biketrails, #tech, #gatech, and #Atlanta , Georgia 🇺🇸.
Trying my hand at creating a lil' Mastodon site with a regional focus on my hometown.
All about the all's y'alls, and always trying to abide no hatred. (h/t to the The Bitter Southerner)
More about me: https://mikeh.dev and 🏳️🌈
@bayport No worries! The top 2 legal requirements for an LLC are 1) LLC isn't doing something illegal, and 2) it is a profit-seeking business and not a hobby (+ permits, etc..)
And, the IRS of course doesn't look favorably on money losing businesses that are deducting obviously personal assets.
However, theATL.social is an OpEx only business - no assets current or planned. There is IP/branding, but that isn't relevant to any accounting in this situation.
@bayport I'm not sure on what you are specifically asking - if you could clarify?
An LLC could sell or provide whatever it wants - the primarily legal requirement is that what's being bought/sold is something legal, and from the IRS's perspective, that the business is not a hobby and is profitable for at least 3 out of 5 tax years.
WIth this in mind, the LLC would provide a service, to which people may pay/contribute for that service to be generally available to them and others. (edited)