# LLC Question



## Harry Gray (Dec 27, 2016)

I have signed up under a LLC. Will my 1099 come with my personal name on it or the Company name that is on the LLC. I was unable to input the LLC company name to Uber.


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## UberTaxPro (Oct 3, 2014)

Harry Gray said:


> I have signed up under a LLC. Will my 1099 come with my personal name on it or the Company name that is on the LLC. I was unable to input the LLC company name to Uber.


How can you sign up as an LLC and not input the name to Uber?


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## Harry Gray (Dec 27, 2016)

there is no area to input the name, just the federal tax number


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## UberTaxPro (Oct 3, 2014)

Harry Gray said:


> there is no area to input the name, just the federal tax number


On what? a tax document?


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## UberTaxPro (Oct 3, 2014)

Harry Gray said:


> I have signed up under a LLC. Will my 1099 come with my personal name on it or the Company name that is on the LLC. I was unable to input the LLC company name to Uber.


Anyway, it doesn't much matter because unless you elect to be taxed as a corporation one member LLC's are pass thru entities which means you'll file just like a sole proprietor using a schedule C. The LLC income passes thru to you and the LLC is disregarded as an entity by the IRS. I'm assuming it's a one member LLC.


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## Harry Gray (Dec 27, 2016)

When signing up with Uber


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## I_Like_Spam (May 10, 2015)

Harry Gray said:


> I have signed up under a LLC. Will my 1099 come with my personal name on it or the Company name that is on the LLC. I was unable to input the LLC company name to Uber.


Why not your personal name? The only likely potential cause of substantial liability in an enterprise like Ubering is an auto accident, and you can still be sued individually as well as your LLC. I suppose you could contract with a garage for maintenance work as an LLC and escape liability if you go belly up and fail to pay. But a garage could put a mechanics lien on your ride and collect that way.

I don't see the benefits of using an LLC, but perhaps I'm missing something.


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## UberTaxPro (Oct 3, 2014)

Harry Gray said:


> When signing up with Uber


How did you fill out the w-9 when signing up? This is what Uber will use to send or not send you a 1099. If you signed up as an LLC being taxed as a corporation Uber doesn't have to send you a 1099 at all. If you signed up as a single member LLC and make more than $600 you'll get a 1099 . Whether it comes in the LLC name or your name or both doesn't really matter because it's all attached to your soc sec # .


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## UberTaxPro (Oct 3, 2014)

I_Like_Spam said:


> Why not your personal name? The only likely potential cause of substantial liability in an enterprise like Ubering is an auto accident, and you can still be sued individually as well as your LLC. I suppose you could contract with a garage for maintenance work as an LLC and escape liability if you go belly up and fail to pay. But a garage could put a mechanics lien on your ride and collect that way.
> 
> I don't see the benefits of using an LLC, but perhaps I'm missing something.


LLC's can protect someone's personal assets. So maybe the garage or auto accident victim could go after the car that is owned by the LLC but it won't be able to touch the boat or house that are personal assets not owned by the LLC.


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## I_Like_Spam (May 10, 2015)

UberTaxPro said:


> LLC's can protect someone's personal assets. So maybe the garage or auto accident victim could go after the car that is owned by the LLC but it won't be able to touch the boat or house that are personal assets not owned by the LLC.


The accident victim could still sue the driver personally, for the driver's own allegedly negligent acts and recover from the driver's personal assets if appropriate. He doesn't have to sue (just) the LLC.


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## UberTaxPro (Oct 3, 2014)

I_Like_Spam said:


> The accident victim could still sue the driver personally, for the driver's own allegedly negligent acts and recover from the driver's personal assets if appropriate. He doesn't have to sue (just) the LLC.


 LLC owners have limited personal liability for many of their business transactions but like you've pointed out this protection is not absolute. This is not unique to LLCs, the same exceptions apply to corporations. An LLC or C or S corp. owner can be held personally liable if he or she:

personally and directly injures someone
personally guarantees a bank loan or a business debt on which the LLC defaults
fails to deposit taxes withheld from employees' wages
intentionally does something fraudulent, illegal, or reckless that causes harm to the company or to someone else, or
treats the LLC as an extension of his or her personal affairs, rather than as a separate legal entity.


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## Mars Troll Number 4 (Oct 30, 2015)

UberTaxPro said:


> LLC owners have limited personal liability for many of their business transactions but like you've pointed out this protection is not absolute. This is not unique to LLCs, the same exceptions apply to corporations. An LLC or C or S corp. owner can be held personally liable if he or she:
> 
> personally and directly injures someone
> personally guarantees a bank loan or a business debt on which the LLC defaults
> ...


_*intentionally does something fraudulent, illegal, or reckless that causes harm to the company or to someone else, or*_

This line right here would still allow someone to sue you personally for an accident that was your fault. So going through an LLC does little to protect you.


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## UberTaxPro (Oct 3, 2014)

Mears Troll Number 4 said:


> _*intentionally does something fraudulent, illegal, or reckless that causes harm to the company or to someone else, or*_
> 
> This line right here would still allow someone to sue you personally for an accident that was your fault. So going through an LLC does little to protect you.


For Uber drivers it might not make sense. I guess people think of it as another line of defense and the more the better. Curious that there are thousands of LLC lawyers!


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