Frequently Asked Questions
Accounts for a LLC
What accounting documents should I keep for my Sole Proprietorship LLC?
There are no requirements to submit the accounting of your foreign-owned Sole Proprietorship LLC.
So you won’t have to:
- ask for and store receipts
- present bills and receipts from restaurants and other places
- complete monthly reports
All you need is a simple profit and loss account, that shows incoming and outgoing payments. You can accomplish that by having simple account statements and screenshots of Payment platforms like Paypal, Stripe, Clickbank, and others.
Since you won’t have any tax obligation, when you operate your LLC as a disregarded entity, you also won’t have to deal with tax inspectors or audits.