USA Implications of starting a company with partner residing overseas.


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Hello all,

I am looking at starting a LLC here in chicago with a partner who is US citizen located in India. What is there that we should know of before we get started? Are there any special tax rules? I have heard that partners residing overseas are taxed deferentially and have other issues with IRS. Is this true?

Any information you can provide would be great.

Thanks.
 
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The partner in India is a US citizen, so you are not required to follow the foreign partner withholding requirements of the US. The partner may have other tax implications in India and may be required to file a tax return in India as well as the US (US citizens must always file a US tax return even if living abroad). The partner living in India would get a foreign tax credit on their US return for any taxes paid in India.

I have specialized in US Foreign tax compliance. If the you or the partner would like additional consulting please contact me at 303-872-6975.
 
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Hi,

Yes, IRS apply different rules for Resident and Non-Residents of USA.

Regards,

InfoTaxSquare.com
 

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