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    5 Replies Latest reply on Sep 3, 2008 8:56 AM by lalithabrahma

    Starting business with foreigner

    Mac1979 Newbie
      Hello,

      This is my first post on this forum. I want to say that i already found a lot of useful information here.

      I have a few questions.

      I want to open an online business here in Nevada with my friend from Europe. He is not a US resident or citizen. He doesnt have a work permit either.
      I already found out that we can open LCC or C-corp. And if company will create any profit we can share it. I can file my income under my SSN but what about my friend? How he would file his income? How much tax he needs to pay being foreigner? Can he get any tax ID number for tax fileing reasons? How do we handle his part of the income?

      Thanks for any help!!!
      Mac
        • Re: Starting business with foreigner
          LUCKIEST Guide
          Starting business with foreigner, Welcome

          Good question. Everybody in business should have a Lawyer and an accountant.

          This is the time to ask the professionals.

          Go to Members page and share some info about yourself.

          Good luck, LUCKIEST
          • Re: Starting business with foreigner
            wfajardo Wayfarer
            Good Luck with this, but as recommended you will need a lawyer...
            • Re: Starting business with foreigner
              AtlantaKid Wayfarer
              Hello there,
              I remember this topic came up in here before. These days everything costs money and starting a business is not an easy thing either. Things even get complicated when some one from another county wishes to invest their money or time in the US.

              I suggest you talk to the local business license issuing gov body such as the county tax and license dept or the state business office, it is FREE and they know everything. I am not familiar with the requirements in Nevada.

              Good luck

               


              http://www.dynamicWSIconsulting.com
              • Re: Starting business with foreigner
                m.rick Wayfarer
                Congratulations on your new business. You are right he can own an LLCor C-corp in Nevada. The tax question a very specialized on. My understanding is he can apply for a tax payer identification number as a forgein tax payer, he will be subject to withholding tax because he is not a citizen or a resident alien. I was once told he can simply file a us tax return showing his tax liability and they will automatically issue him a T.I.N. get a good accountant to help you. In Nevada I know I have heard a lot of good things about a CPA firm named Udal, Dunn and Holst, give them a call. Also a site you may want to visit about starting a corp or llc is www.about-small-business.com it has some good easy to follow info.
                • Re: Starting business with foreigner
                  lalithabrahma Adventurer
                  Congratulations! on making a decision.
                  It is my observation that even for commom business/franchise wherein business processes are laid out, the business owner needs to have an access to attorneys and accountant. Yes you may get general answers in this forum, but when it comes to specific you need to have an experienced professional guide you. In your case it is a business proposition with a forreigner. You definitely will need to have access to lawyers/accountants proficient in areas such as Immigration, Employment, Internationl etc. It is expensive to hire and get access, especially when you are just starting. Your best bet would be to look for established legal services/business consulting services that will provide you access to top quality professionals at affordable price. Ensure that the services do not have any long term contract. That way you can cancel anytime if you are not satisfied.

                  Lalitha Brahma
                  Get your FREE educational series at www.lalithabrahma.com to protect your family and GROW your business with PEACE of MIND