New Federal Requirement: Starting January 1, 2024, most business entities in the US will need to report Beneficial Ownership Information.
To whom it may concern,
Regarding the creation of a Wyoming company. Could you please help me answering those couple of questions:
1) Is there any obligation to publish something in the Belgian official ???Statuts at Large??? (“Moniteur Belge”)?
2) What are the accountancy obligations when money is retrieved from the company??s bank account?
3) Do we need to have a invoice for each company expense, or can we just use the money for e.g. personal consumption in Europe?
4) How to ensure we are not liable as physical persons? What would be the cost and the conditions for closing our company (if needed) many thanks in advance Renaud
Kind regards
Renaud
Renaud,
Allow me to answer your questions one by one.
1. I am not sure if the country of Belgium would require newspaper publications for businesses registered there, but here in the United States, only a few states require publications for various entities. In Wyoming, it will not be necessary to publish any notices to the public upon your company formation.
2. As an LLC is a ‘pass-through’ entity, the income goes straight through the company to the owner’s personal income. That being said, it would be a very good idea to consult with an accountant familiar with international taxation procedures.
3. Bookkeeping is very important, and you should always save every invoice or receipt for company expenses. As I stated earlier, this is something you should definitely consult with an accountant.
4. Generally speaking, having an LLC separates the liability of the owners to the conduct of the business. If it were necessary to close the company down, the dissolution process would cost about $193.
You may also find this free corporate tax webinar to be informative and helpful to some of your tax questions.
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