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Do I owe taxes in the United States?

If you are a non-resident operating an LLC in the US., it is very likely that you don’t owe any U.S. income tax. There are many factors to consider, such as whether or not your business has a physical presence in the U.S., or if you have a dependent agent in the United States. We can help you determine this after a consultation. Even if you don’t owe income taxes, it is possible you could owe other kinds of taxes.

What is the best state for a non-resident to form an LLC in?

There is no one “best” state. Different states are going to suit some people better than others. If we had to make a list, we would rank them as follows:

  1. New Mexico – No state annual fees to maintain and an option to be anonymous or not.
  2. Wyoming – Low state annual fees to maintain and very well established.
  3. Delaware – Possibly the most popular state, but with higher-than-average fees.
  4. Florida – Reasonable state annual fees, but not anonymous.
  5. Texas – A good state but a higher-than-average formation fee.
What tax deadlines do I need to know?

If you have a multi-member LLC taxed as a partnership, Form 1065 is due March 15th unless an extension is filed before that date. If you have a single-member LLC, a corporation, or need to file an individual return the deadline without an extension is April 15th.

Other types of returns, may have earlier dates. For example, if you have a Delaware corporation, the franchise tax return is due March 1st.

I am not a resident of the United States. I formed a single-member LLC but have not started my business yet. I don’t need to file Form 1120 and Form 5472 yet, do I?

This is a very common question. Unfortunately, that is NOT correct. Even the cost of forming the LLC is a reportable transaction that requires the filing of Form 1120 and Form 5472.

Not having made any sales, not having any bank transactions, or not even having a bank account does not change this.

Other forms may be required as well, and you should have a consultation with us to make sure you are meeting all requirements.

I am not a resident of the United States. I formed a multi-member LLC but have not started my business yet. I don’t need to file Form 1065 yet, right?

Unlike for a single-member LLC, this is correct in some cases. If the LLC “neither receives income nor incurs any expenditures treated as deductions or credits for federal income tax purposes,” Form 1065 may not be required.

Even if the above is true, your LLC may still need to fulfill other requirements, such as state filings, Form BE-13, satisfying the Corporate Transparency Act, and more.

Can I open a U.S. bank account for my LLC?

If you are a non-resident, you should be able to open a U.S. business bank account without needing to visit the United States, but your options will be limited. Mercury and Relay are great options. Opening an account with a traditional bank like Bank of America, Chase, or Wells Fargo is possible but most likely requires a visit to the US. There are not many options for opening a personal bank account, but you can talk to us about what options might be available to you.

We do offer assistance with opening a bank account to our LLC- formation clients, but the decision is always up to the bank, and we can’t make any guarantees.