Are you considering forming a U.S. business? Already have an entity but need a REAL address? Need a U.S. bank account and don’t have time to travel to the U.S.? For any of these situations and more, NCP is here to help with NEW U.S. business startup packages.
Forming a U.S. entity will trigger U.S. tax returns required for your business. This may include both a federal return, such as a 1065 for an LLC taxed as a partnership, and a 1040NR on the partners (if individuals) or 1120F or 1065 if a foreign corporation or partnership is the owner of the U.S. entity. There are several other reporting and U.S. tax filings requirements*. The key is to work with a company that will send you timely e-mails throughout the year to remind you of the U.S. tax requirements and a referral to the U.S. CPA firm we work with to make sure you are compliant with U.S. taxes and your countries tax treaty. You may also want to look for a company that has a tax and bookkeeping training programs to help you stay on top of your U.S. tax situation.
Odds are you are in the 90% that is extremely vulnerable right now even if you have entities in place to protect both your business and assets.
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1. If you have an LLC did you have it managed by managers or by members? Do you know the difference?
2. Does your LLC have the correct operating agreement? If the LLC was taxed as an S or C corporation is there language that covers that in the
operating agreement?
3. When you formed an LLC did you pay attention to how it will be taxed (there are four options)? Did you proactively make a choice or check some
boxes on the SS4 application or worse you let someone else do it for you and this was never addressed?
4. Do you know when a single member LLC disregarded for tax purposes makes sense to protect assets and when it does not make sense for running a
business?
5. Are you familiar with the “charging order” and recent cases and it related to a single or multimember LLC?
6. Do you know why your professionals all want you to incorporate in your home state and why you get different answers from them consistently?
7. Do you know when you should NOT incorporate in Nevada, Wyoming or Delaware?
8. Do you have any assets of value owned by your living trust?
9. Who are the shareholders or members of your corporation or LLC? Is it you or your living trust? Do you know how to tell when that is a bad
strategy or it is not?
10. If you are internationally based and established a U.S. business do you know for sure whether you set up a “real” company or one that may look like
a “sham” by compliance standards?
11. Do you own real estate in your own name, but since there is no equity you have concluded what is worth protected?
If you are able to answer all of these questions confidently, then congratulations! You are in great shape, and there is no need to register
for my live training. You can take the night off!
When you started your business more than likely you started off doing business in your own name, as a sole proprietorship. When it comes to paying yourself from a sole proprietorship that is easy. You basically use the money for whatever you need to and if you have a separate personal account from your sole proprietorship account you would write a check from your business account to your personal account. Your CPA will help determine at the end of the what you paid yourself, what expense items are 50% or 100% or not deductible at all which will determine the amount of employment (15.3% up to $113,700 in 2013) taxes you would owe plus state and plus federal. You also will pay the most in taxes and be in the highest audit category (filing a schedule C) if you continue to operate your business that way.
Over the years, we have helped thousands of clients form an entity to protect one of their assets or a main part of their business. Many times, there are other assets, or businesses that we did not discuss that may need to be structured differently.
Let me share with you how we help you build a stronger fortress around your current assets, which include, real estate, investments, IP, ownership in other companies….
Here is a list of the Top 10 Areas to Protect Your Current and Future Assets and Form another Entity (Take Your Own Quick Audit)
Here are the top reasons our research shows you should consider:
10. An LLC to protect the stock of your C Corporation. Even if your living trust owns the stock of the C corporation that will not provide protection from liability (the exception is a Nevada C corporation because Nevada is the only state in the country with the charging order protection for corporations). Are you a part of a C corporation as a majority owner with other partners? How do they hold their ownership interest? If they own it personally that is an issue. Don’t let happen to you what did to a prospect a few years ago when he lost his $3 million computer company from a personal lawsuit!
9. A Single Member LLC to protect the stock of your S corporation. If you own an S corporation and you are sued personally you can lose control of the entire company. If your S corporation provides consulting services and the day you stop there is no value, that may not be a huge concern. If you have any value or residual income that is a big problem. The single member LLC (the only solution, can’t be taxed as a partnership) will provide the charging order protection (in most states, there are a few exceptions).
8. An LLC to be the member of your successful LLC. Even with an LLC if you or your partner are sued personally that will cause a disruption to the operating company with accounting records being reviewed and other legal issues. If you have a successful operating LLC with partners and you are concerned a lawsuit may show up out of the wood work to one of the members personally (which happens often when money shows up) it would be best to have EACH MEMBER have their own separate LLC. Now, the charging order is against their own personal LLC, not the operating company. Make sense?
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