International LLC Inquiry

This is a discussion on International LLC Inquiry within the Tax Issues forum, part of the BUSINESS & FINANCE LAW category; Hello, I am a US citizen living in NY and I have a business partner living in Portugal. We are ...

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Old Dec 1st, 2008, 10:27 PM   #1
Jeff
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Default International LLC Inquiry

Hello,

I am a US citizen living in NY and I have a business partner living in Portugal. We are looking to go 50/50 on an Delaware LLC and I am running into some major headaches trying to figure out the tax situation. All of the monies earned are gotten from digital subscriptions, and we are not selling any tangible goods.

Here are some questions:

1. What taxes and what percentage of the monies earned is the US citizen responsible for? Ny State, Delaware, Federal?

2. Does his 50% of earnings have any bearing on my taxation?

3. Assuming we set up a bank account in the US with the Tax ID fromt he delaware LLC, are withdrawals taxable when being transferred to Portugal?

4. Is the Delaware LLC the best choice here?

5. If I missed anything please let me know!

Thanks in advance,
Jeff
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