Why You Shouldn't Open A Single Member LLC In 2024
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- Опубліковано 17 гру 2023
- In this video, we'll be discussing why you should Probably not open a Single Member LLC in 2024. We'll be covering the main benefits and drawbacks of Single Member LLCs, and why you may not want to pursue this type of business structure.
If you're interested in starting a business but you're not sure if a Single Member LLC is the right structure for you, this video is for you! We'll discuss the benefits and drawbacks of Single Member LLCs and help you decide if this type of business is right for you. Subscribe now to get instant access to the video!
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-----And don’t forget to check out all of the “CALLS WITH JIM”
• Calls with Jim
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Do you want to learn how to open and operate a Tax Free Company in the USA even if you live outside the US and don’t have a visa.
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Already have an LLC? Did you already complete form 5472 for your company? Did you know there is a $25,000 penalty for not doing this form? I’ve made a short training that explains exactly what you need to do and why so you can get this done quickly and correctly, the first time around.
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I get asked what company I recommend to help with sales taxes and every time I mention Tax Jar. Once set up, tax jar can complete all of your monthly sales tax filings automatically. If you are looking to solve this problem forever, click this link to find out more about what they can do for you. taxjar.grsm.io/jamesbaker7628
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Thanks for the info!
Thanks for watching!
Hi James, Thanks for your very useful videos. For me and my wife as a non-US resident family,it is my question if I can share only my wife with myself to form a multi member LLC company without having a US citizen or US resident as a member in our company.
Hi James, If I use USA based print provider for my USA customers that is independent and is not part of my company is that considered effectively US connected income?
Can multi-member LLC be owned by individual and single-member LLC belonging to that individual for it to still be taxed as partnership or would that MMLLC still be disregarded?
Question for James: If you purchase RE in Panama, and set up a Panamanian LLC, but still live in the US, do you still have to file a BOI?
One question I have is if I add a family member do they have to file extra tax forms as well? Because I don't want to make life harder for my family member.
Hi James
My wife and I have a LLC registered in Delaware for about 5 years. Given that we are subjected to “foreign exchange control”, we have only been sending EFT’s to the US company bank account as “ officer’s loans”. However the CPA we are using is charging a ridiculous amount to reconcie a bank account, with relatively very low movement to submit each year to the IRS. Any advice please?
Thanks
Looking on US side, that is true. But on the other side, being an owner of 'US person' - for tax purposes - makes the owner subject to CFC regulation in many countries (CFC = Controlled Foreign Company). And depending on a particular law regimme, this creates many complications with non-US part of reporting.
Well if you are from CA it doesn't make a difference. An LLC is seen as a Corporation. So yes you always need to see what your local tax laws are because it is complicated.
He does not care. He just wants to sell MMLLC to unsuspected foreign entities. Good business for him.
I feel like I am missing something. What is the W9 trouble people are having with SMLLCs? A W9 can be filled out for a SMLLC, but one needs to put one's social instead of one's EIN. I don't get what the issue is ... or, are you referring to any SMLLC, or just an SMLLC with a sole owner that is not a US person? For example, if a US citizen owns a SMLLC as a natural person, do you see any reason to switch to multi-member LLC in 2024? Or are you just talking about LLCs owned by foreign persons/entities?
Yes this channel is focused to non us residents or citizens who can’t issue W9 as a SMLLC
Hi James, sadly I filed a single-member LLC back in October 2023. It seems I should have gone with a multi-member LLC. My LLC is in California, but I will be working with manufactureres in Portugal... I have not in 2023. What can I do? Whom do I reach out to for support... YOU?
Hi Christine! Follow the link in bio or find me at www.jamesbakercpa.com/ for a free consultation! 😁
When you say complete a document and assign a portion of the membership interest can you clarify what kind of document you are reffering too please.
Assignment of interest. It's a private document.
hello James, do you still have updated course?
I have some courses. The 5472 course I haven't updated, but we review the forms afterwards anyways.
What about the option to elect your llc to be taxed as a c-corp by filing form 8832, does it works ? Since you can use W9 in this case
This would work and you can use the W9 in this instance. You would be subject to US income taxation with a corporation.
@zaddiq5068zero to none.
Hi. This is informative and to the point. .Isn't it more affordable, quick, and easy to form a single-member LLC then change to multi if needed later on?
It's the same cost to just form a MMLLC the first time. So if that's what you want open it like that
Mercury hasn't sent me any forms yet. I'm a citizen of Morocco, and I have an LLC. Previously, they asked for proof of our business's physical address. Now, I'm a bit confused here!, especially since my Mercury account is up and running without any issues.
Mercury does this in small batches, otherwise they would overwhelm their own staff.
You can choose to wait for it. Just have someone standby to become your LLC’s second member when needed.
@@d-tech5338 Thanks for letting me know!
@@d-tech5338 Great comment! I'd follow and say work on getting a backup account as well.
@@JamesBakerCPA what would be a good backup for those in Panama or other places that Relayfi does not support?
So could I say add my family member for only 1% ownership and keep myself as 99% owner?
Yes.
the link to open a 0% tax company outside US doesn’t work
Hey I'm not sure where this is can you share this?
Does that mean I’ll have to pay taxes on my income from US companies?
Only if you have effectively connected income with a US trade or business.
Then no more 0% tax as foreigner?
Still 0 taxes!!!
@@jimbaker Thanks for the update so if I make a US LLC with multiple members then US LLC (Non-resident) is still 0% tax like a Single member? I am watching again and again but it's still not so clear.
as long as you don't have effectively connected income with a US trade or business there is no tax with single or multi member LLC@@imageprint7201
Thanks a lot and I should keep in touch with you anytime soon. @@JamesBakerCPA
@@JamesBakerCPA why hasnt the multi member been recommended before. A single member llc has a been recommended as the best way to go . There must be some downside