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Owning US Company from UK

by GuerrillaIM
5 replies
I have been offered a JV where someone I work with stateside wants to go 50/50 on a new company so we can split the profits of the venture.

He wants to incorporate in Nevada but I don't have a clue what sort of tax implications this has for me.

I also have an active UK limited company.

Has anyone got any experience of this sort of arrangement?

I will of course eventually go to see an accountant but I want to do some research of my own first and get a general understanding.
#company #owning
  • Profile picture of the author Steve Wells
    Originally Posted by GuerrillaIM View Post

    I have been offered a JV where someone I work with stateside wants to go 50/50 on a new company so we can split the profits of the venture.

    He wants to incorporate in Nevada but I don't have a clue what sort of tax implications this has for me.

    I also have an active UK limited company.

    Has anyone got any experience of this sort of arrangement?

    I will of course eventually go to see an accountant but I want to do some research of my own first and get a general understanding.
    Simple, just use paypals new split payments system, that way you are not really incorporated or tied with them, and all money that is yours you pay taxes on only.

    NO need to get tied in a with all the legalities of a jv business with anyone, just have them it set up where 1/2 goes to you & 1/2 goes to them via paypal...

    Pay your taxes on the sales that come to you....... and your all set....
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  • Profile picture of the author GuerrillaIM
    Many thanks for the suggestion.

    But to get the account to link to the PayPal account wont I have to incorporate?

    We want to keep these funds separate from our current businesses.
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    • Profile picture of the author DeadGuy
      Your best is to always check with legal council before entering into any business arrangements. This is especially true when you are in unfamiliar territory. Attorneys are not cheap, but it is more cost effective to bring them in early. Using them to address problems after the fact costs far more.
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      You are making this work at home stuff way harder than it is. Ready for some sanity? Clear your head and start over.

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  • Profile picture of the author Robert Mangan
    GeurillaIM,

    I live in Melbourne, Australia and I have incorporated and run a business in the States.

    I may not have the answer to your question but here's what I've done.

    1) formed a LLC in Delaware - not sure if Nevada is a good option by Delaware definitely is for non-U.S.residents.
    2) opened a business bank account in the U.S.
    3) opened a U.S. merchant account
    4) opened a U.S. PayPal account and linked it to my U.S. business account
    5) lots of other stuff in order to run an entirely independent business in the States from my living room in Australia

    BTW, my website is Fitness Equipment | Exercise Equipment | Gym Equipment. It retails fitness equipment on a dropship basis to U.S. only.

    It just so happens that I am releasing an ebook as a WSO TODAY.

    It is a very detailed, 125 page/40K word account on how I did it all. It will retail for $27. Keep an eye for it if you're interested or just PM me and I'll forward you the WSO link.

    Anyhow, might not be what you're after but good look with your JV enterprise.

    Robert
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  • Profile picture of the author CheapTrafficDude
    The best place to incorporate in the US is Wyoming. Their taxation structure puts Delaware and Nevada to shame (Although they are still pretty good compared to other jurisdictions). However, the best place on earth to incorporate in is Panama. If you're going to off-shore incorporate, go big and do it in Panama. If you're creating a JV with a US partner, then I'd recommend an LLP (Limited Liability Partnership) in Panama, something lawyers do, especially where there are multiple partners who share the same amount of "shares" within the company.

    There are no laws when two directors live in two different countries albeit not being Panama residents.

    Hope this helps

    PS: I'm not a lawyer, just speaking from experience.
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