New Federal Requirement: Starting January 1, 2024, most business entities in the US will need to report Beneficial Ownership Information.
I am living abroad and looking to start a consulting company on the side working with non-US clients. I know I will lose money the first few years and that this can be deducted from my tax obligation (in the US) but my salary overseas is low enough that I do not need to pay US taxes. Are there still benefits to creating the LLC or should I just create the company in the country I am in?
John,
To my understanding, when you form an LLC, the company does not pay U.S. taxes. Instead, the income is passed-through the entity to the owners’ personal income, where you are subject to personal income taxes as per your claimed residence.
We offer a free tax-webinar which addresses the common questions of operating a U.S. company from abroad which I believe you would find very helpful.
(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.
