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five benefits of incorporating an LLC in the United States of America over the last two years there have been a lot of changes in your offshore world compliance regulations have become higher economic substance regulations have reintroduced and many restrictions it's really difficult now to get bank accounts even for legit business operations so many people have started to move from their offshore business into their own - like other jurisdictions and the United States over the last year has really emerged as a prime location for online entrepreneurs all over the world here are the benefits for you of incorporating a LLC in United States America if you're not a US citizen a limited liability company is a so-called pass-through entity or tax transparent vehicle that means the LLC itself is not being taxed in the United States but the tax obligations are being passed through shooty respective owners if you as a non-us citizen and a non-resident a so-called non-resident alien incorporate a LLC United States and then have a personal residency either in a country it charges very little tax or a country that has a territorial basic sation system that doesn't change any tax on foreign earned income or your perpetual traveler and you're a resident of nowhere then you can legally operate a business that can get all the payment processing you ever want stripe papal Braintree you can get good banking with solid banks you get banking with all sorts of neo bangs that transferwise or mercury and you can make that money completely tax-free because the United States doesn't text you as long as you don't have economic substance in the United States meaning employees and offer or something like that any any kind of assets and your personal taxes your personal tax residency also doesn't charge you any type of personal income tax so now you have the best of both worlds you have a rigorous diction with a very high reputation solid banking you can give your customers invoices that they have no issues deducting in their local high tech jurisdictions but at the same time your personal tax load is zero this is probably one of the best set ups right now it's very cost effective to set up it's very cost effective to maintain it's very easy to set up you don't require a lot of documentation you don't require utility bills and this is probably a setup that many of you can really put to a great effect if you need further in term a information about how exactly to set this up where do you go what what company to use to set this up how to get all of the documents in order then send me a send me an email to the email address below this video and I can help you to guide you through this process this is Chris from offshore secrets I hope you liked this video please subscribe and I see you on the next video
Thanks for your comment Analisa Ofallon, have a nice day.
- Shad Elhaj, Staff Member
new york is an important state for business in the united states it's no wonder many of the biggest corporations have locations and headquarters in new york city it's an exciting place to be but that doesn't mean it's easy for businesses business owners looking to establish a small business in new york will need to be aware of all the state taxes and regulations that come with setting up shop in new york federal taxes will be the same no matter where you go in the united states but each state has its own tax policies as well in new york those policies will depend a lot on what kind of entity your business is if you expect to file a small business tax return in new york or are trying to decide the type of entity to form in the state it's good to learn about the different state tax requirements all corporations in new york must pay a corporation franchise tax if you plan to form a c corp in new york you'll need to learn how to calculate this to pay your state corporation tax many big corporations find ways to artificially keep their tax rate low so new york state requires corporations to calculate their franchise tax four different ways and pay the highest of the four this is intended to fairly assess your tax base and stop companies from exploiting loopholes but it also makes the process more complicated and confusing for business owners here are the four options net income taxed at seven point one percent or six point five percent depending on total net income business capital taxed at point one five percent minimum taxable income taxed at 1.5 percent and a fixed dollar minimum tax with flat rates on gross income given the intricacies in all these methods it's highly recommended to consult an accountant to be sure you're paying the right amount corporations with fewer than 100 shareholders can apply with the irs to be recognized as an s corp business entity for federal tax purposes this means the s corporation will not be subject to the corporate tax rate at the federal level and shareholders will file business income solely on their personal tax returns but new york does not exempt s-corps from paying corporate taxes s-corporations in new york must pay the corporate franchise tax but they are allowed to pay somewhat lower tax rates than other corporations a limited liability company is a business entity that protects members from liability while offering flexibility and filing status members of an llc usually pay federal income taxes only at the individual level however they can also file an llc as a partnership or a corporation for federal tax purposes state taxes on an llc in new york similarly depend on how the llc chooses to be classified if an llc files as a corporation it will be subject to corporate tax rate in new york any other llc not filed as a corporation in new york will instead pay a state filing fee this filing fee is an annual payment set according to a company's gross income the filing fee for llcs and llps in new york is twenty five dollars for any company with a hundred thousand dollars or less in gross income the fee goes up as gross income goes up with a maximum filing fee of 4 500 for companies with a gross income of more than 25 million dollars in the previous tax year partnerships in new york are taxed similarly to llc's if your business entity is a partnership you don't pay taxes at the corporate level still the income passes through to the individual owners of the partnership and their personal tax returns like all business owners partnership owners will need to pay state income taxes on their personal returns however with a partnership you may also need to pay the state filing fee fortunately only partnerships with a gross income higher than 1 million dollars have to pay the filing fee with a sole proprietorship as your business entity in new york you don't need to worry about any specific new york state taxes on your business as the loan owner of your business all of your business income counts as personal income for your tax return and you will pay taxes according to your personal rate the personal income tax rate in new york uses tax brackets based on the level of income just like the federal system you can register for charging and remitting new york sales tax through your business online services account once registered sales tax filing is required regularly depending on the reporting period you set file sales tax returns even if you made no sales in that period the sales tax rate for the state of new york is 4 percent but local and municipal taxes will vary widely make sure you consult local regulations or a sales tax calculator new york property tax will also range depending on your area in new york businesses can handle nearly all of their state tax obligations online once they have a business online services account you can create an online services account at the state website and start receiving and paying bills on that same platform once registered then you can use your business account online to handle estimated tax withholding for employees annual tax returns sales tax and more a local accountant with tax expertise will know better than anyone how to handle taxation and finance requirements in new york or wherever you establish your business not only will they ensure you're paying the right taxes but they'll identify deductions and credits so you're not paying more than what you owe one 800 accountant will pair you with an accountant who is not only an expert in the new york state tax code but also an expert in your industry we can help set up your business entity and provide year-round services to minimize your tax burden as always thanks for watching and if you found this to be educational or informative helpful or entertaining please like and subscribe and look for 1-800 accountant on your social media channel of choice
Thanks Loree your participation is very much appreciated
- Shad Elhaj
About the author
I've studied history of the roman empire at Mount St. Mary's University in Emmitsburg and I am an expert in stochastic process. I usually feel anxious. My previous job was newspaper/magazines writer I held this position for 25 years, I love talking about weight training and fantasy sports. Huge fan of Jude Law I practice wrestling: greco-roman and collect postmarks.
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