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K
karapish
April 13, 2022
Question

A single-member sole-proprietor LLC (in DE) developed a mobile app in 2021. Friend invested $10k into the development. How should he report own investment? Via 1099?

  • April 13, 2022
  • 1 reply
  • 0 views
- LLC is domestic
- Ideally, I don't want to add him as a member, so I guess Schedule K-1 is not an option
- all involved people are US people

1 reply

ColeenD3
ColeenD3
April 13, 2022

This is not an investment, this is a personal loan. Your LLC is a disregarded entity, meaning it has no official status and is just basically yourself. You will have to form a partnership if you want to show his investment.

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