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Updated almost 6 years ago,
How contributions are taxed for LLC
I just started my LLC for Realestate purposes and am signing up for a tax ID in order to open a bank account using the LLC. My question is, what if my family wants to give me money to jump start my business. How are these contribution taxed? I understand the laws of gift taxes, where an individual can only gift up to $15,000 a year, but I don't think this would fall under this. Are there certain restrictions to someone else other than yourself contributing to a sole proprietorship LLC? What are the tax implication of making contributions to an LLC? Can someone just give me $100,000 and put it in my LLC? There also would be no interest on these contributions given by the other party.