New Federal Requirement: Starting January 1, 2024, most business entities in the US will need to report Beneficial Ownership Information.
I am a foreigner who wishes to incorporate an LLC. I read on this site that Wyoming doesn’t have a personal income tax. Before going ahead with my order, I would like to understand how will it be determined as to which state my “pass-through” income from the LLC will be taxed ? I would like to point out that i have worked earlier in the USA and paid taxes in Arizona one year back.
Thank you.
Ikas,
Indeed, the state of Wyoming does not have personal income tax. However, this really only applies to residents of the state. As an LLC is a pass-through entity, the income of the business goes directly to the owner(s)’ personal income, domestically or internationally, without having to file it’s own taxes with the state.
While we are professional incorporators, we are not professional financial advisers. Taxation of international owners of LLCs differs a bit from that of domestic owners, and also you may still have to pay income taxes in your country of residence. I would highly suggest consulting an accountant familiar with international tax laws to find what, if any tax obligations you would be responsible for by registering a Wyoming LLC.
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