New Federal Requirement: Starting January 1, 2024, most business entities in the US will need to report Beneficial Ownership Information.
Hi I have a sole propriotership Canadian online business, I’m looking to reach US customers. My suppliers say I will need to set up a US account with them to be able to offer me this. They say I will need a US federal tax id. I am looking at a Delaware LLC for my business. Is this a good or bad idea?
As far as income from a US LLC can I report this as income from my Canadian business somehow?
I read answer #2 of www.incorporationanswers.org/thread/54/Can-a-Canadian-company-get-a-US-EIN-.html and am interested in this. Also my suppliers would dropship on both sides of the border for me.
Thanks.
Dear Harry,
As you can see from the answer you pointed to, this is one of the more convenient strategies to conduct business in the US, while all or most profit is recorded in your country through deduction of the profit generated in the US. Whatever strategy you choose, please confirm it with your accountant (and preferably with a US based accountant as well).
Delaware is a good choice of state for your US company, especially if you sell in retail to US customers, as Delaware has no sales tax, so you wouldn’t need to worry about collecting it or obtaining a sales tax ID if one is required by your wholesale suppliers. I would also recommend you to consider Wyoming as the state of formation.
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