If anyone can help me out with this question it would be much appreciated. I cant seem to find an answer.
Is it possible to create an LLC a year or so before actually conducting business or recieving taxable revenue from products sold?
Basically I wanted to create an LLC (secure my company name), file for a tax ID number, open a business checking account and use that account to build my start-up funds as they are coming from multiple sources (Investors, Loans, ect) at different times.
Like I said, there will be no manufacturing/selling of products or goods for a year.
Would it be possible to list the physical address as my home and change it as soon as a manufacturing facility is found? Would this cause any problems? I eventually plan to change to an S corp down the road. I know this is doesnt look too good to Investors or Banks but for the time being, this isnt an issue.
Will this situation create any tax issues? Is this a bad idea? Is it even possible?
I live in PA and probably with over the course of a year there will eventually be close to $100,000 in this account.
Does anyone see any probelms?