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As always, thank you in advance for your great advice and feedback.
I know I should be talking to an accountant for this, but I am just starting and the accountant I initially inquired with is asking $3500 just to give me sound advice. I figured I'll try to hopefully get some good opinions here and then see what my options are on how to proceed.
I am developing a product and have outsourced the work outside of the US (not necessarily because it's cheaper there but because I found the expertise there which I didn't here in the US). I am partnering with the international company. Need advice on how to setup the partnership that would best benefit me tax wise. Options are:
1. A joint venture setup between the international company and my company here. I already have an existing C-Corp since I run a child care facility.
2. Setup a new company with the shareholders being my company here and their company.
I dont know if there are any other options.
If I setup a new company, is it better to have that new company outside of the US, or here? And what type - S, C or LLC?
Don't really want to be hit with double or triple taxation, so I am hoping to figure out the best option.