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Overseas Business Partnership with LLC

#1 Aug 13 2009 3:02pm

Overseas Business Partnership with LLC

Hi All, My name is Gavin, im a UK Citizen and i've just finished development on a very successful software application, A USA Citizen is interested in buying into my company and forming the business as a USA Entity, The third party already owns a VERY large company. We have already decided on an LLC as the companies "type" and registered under the United States, As far as on my part... How do i declare my income? Self Employed Freelance Programmer is my "Main" idea, Also how do i go about ownership on that company? Being a member (owner) of the LLC am i likely to be paying USA Income Tax and UK Income Tax? What ways are there that i can do this? This is the first time ive ever gone this deep into business and need to get it right first time, Im fine with paying my UK Income Tax / NI etc, but im not too keen on the idea of paying USA Tax aswell as my UK Taxes. Any help will be appreciated greatly! Thanks, Gav

Hi All, My name is Gavin, im a UK Citizen and i've just finished development on a very successful software application, A USA Citizen is interested in buying into my company and forming the business as a USA Entity, The third party already owns a VERY large company. We have already decided on an LLC as the companies "type" and registered under the United States, As far as on my part... How do i declare my income? Self Employed Freelance Programmer is my "Main" idea, Also how do i go about ownership on that company? Being a member (owner) of the LLC am i likely to be paying USA Income Tax and UK Income Tax? What ways are there that i can do this? This is the first time ive ever gone this deep into business and need to get it right first time, Im fine with paying my UK Income Tax / NI etc, but im not too keen on the idea of paying USA Tax aswell as my UK Taxes. Any help will be appreciated greatly! Thanks, Gav
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