New Federal Requirement: Starting January 1, 2024, most business entities in the US will need to report Beneficial Ownership Information.
I am not USA resident. I am currently living in Chicago on a student (F1) visa and I am on my OPT program (1 year of work permit) and I am driving a truck. I am wondering about how to collect profits from the business when my work permit expiry and I am not allow to work in the US any more? I have concluded that an LLC in Illinois would be the best fit. My further plans are to purchase couple of trucks and to hire drivers who will work for my LLC.
My question is: If I open a LLC, will I be liable to US regarding tax income? Or my LLC business?
Uggie,
As an LLC is a pass-through entity, the company itself would not be subject to taxation. The income generated by your company would go directly to your personal income, so while you are living in Illinois you would be subject to paying state and federal income tax on your profits.
Once you move out of the United States, you will still be able to own the company, however at the point it would be a very good idea to consult with an accountant familiar with international tax laws regarding how your profits would be taxed.
Keep in mind visas such as F1 come with lots of restrictions, so it is a good idea to consult an immigration attorney on what you as the owner of a company can and can’t do in order to maintain your immigration status.
Also something to keep in mind, while an LLC does not pay tax on it’s income, Illinois state charges $250 a year to file the company’s Annual Report.
(a) You made a typo in the card number, CCV code, expiration date, name or address;
(b) Your card balance is too low;
(c) Issuing bank has declined this transaction for some other reason related to your account.
