New Federal Requirement: Starting January 1, 2024, most business entities in the US will need to report Beneficial Ownership Information.
I am a British expat working in the Cayman Islands and want to set up an online personal training fitness business based out of Nicaragua as I all I need is an internet connection. I wish to register this business and was thinking Wyoming rather than the UK as I do not want to pay taxes in the UK if I am not living there.
Would I still be eligible to pay tax in Wyoming on this non-US based income? Just to clarify no goods will be passed onto anyone and all business is solely online. Clients will pay a membership subscription for the online personal training services.
I just need somewhere to register this business!
Collie
A single member LLC that elected to be a disregarded entity would only pay tax based on the tax status of the owner. Since the owner is not physically present in the US and is providing services remotely there would be no income effectively connected to the US. That means the LLC would owe no US tax, except for the annual Wyoming registration fee and there would be no US federal tax obligation. Cayman Islands does not have an income tax, but the UK still taxes its citizens unless they have changed their tax residency according to UK laws.
(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.
