Hi Leo,
I am fortunate enough to have a Sister in the US, and even more fortunate that she resides in the State that I chose to form the LLC.
If you don’t have a family member or an acquaintance in the US, you will then have to locate a CPA or an Attorney to act as your “Contact” in the States. Bear in mind that your contact does not have to be a “Professional”.
You will need this “Contact” to lodge the application as it does require a name of a resident and a local address.
But, even if you have to find an ‘Agent’, there is no need for them to form the LLC on your behalf, you can do it yourself provided you get their permission to act as your Agent for receipt of correspondence and as a contact point for the Department in question.If you get your agent to form the LLC, for sure you will need to pay ‘Fees’, and after all, is that not what we are all trying to avoid?. Added expense.
I filed for the LLC on the 19th and got an email from the state department confirming the establishment of the LLC on the 20th……how good was that?? Or was I just lucky?
I am sure I have been told that the easiest way to get an ITIN is to wait until you file a tax return. Then check a box somewhere on the tax return form saying "I need an ITIN" and they Govt will sort it out for you.
Sorry i cant give you a reference – but believe it to be correct.Can I just get someone to clarify that, in order to set up an LLC you do not need an ITIN?
Is there a risk that you may not receive the ITIN before your tax return is due, and therefore have to pay 30% withholding tax?
Also once you set up your LLC is it after this that you get an EIN?
Is it the EIN that you need to open your business bank account?I have just read this thread and am trying to piece it together as I am only starting out and trying to figure out the step by step process ( the easiest and most cost effective).
What would normally happen, you normally would get your LLC in place then get your EIN, to get an ITIN, can take many months and even then it can be knocked back, it can be quite difficult to get one. The best advice I can give as I am not a licensed tax agent or cpa, and you shouldn't take just anyone's advice as everyone's circumstances can be quite different . Is to see a registered/ licensed US.Tax Agent re your own personal situation.
We always send clients to our US Tax Expert, and believe me, many individuals have got themselves in a lot of trouble trying to do it themselves or taking the wrong advice.
Fantastic information, thank you… haha… comes a little late we are already $3K down on LLC and bank account start up fees, but no matter, this will help going forward!!
What did you spend that much on?????, and I would be interested to know if you went through someone that did it for you, as there are many so called experts that are just out to take advantage of those that don't know the real deal, or how to go about it properly. Of course there are fees to pay, but within reason.
Are you also looking to purchase now or in the near future? If so and you haven't got tied up with anyone yet, why not let me see if I can be of help. Advice is free, the right help and advice will save you money not cost you money.
JeffHi Jeff
So far we have forked out for 3 LLC's and a couple of bank accounts so roughly comes to just under 3K so far. Will sit back and just monitor these purchases for the time being… Have enlisted a couple of buyers agents (non exclusive) so will definitely check out your website, cheers!This initial post was addressing setting up an LLC and EIN. We charge $200 for both which eliminates the hassle for investors to set up the unknown for the fee from the Secretary of State and time cost. As we are also based in the US we act as a registered agent where we have the benefit of any correspondance including LLC renewal being sent to us where we can email direct to our clients.
Setting up an LLC is a vehicle which allows investors to seperate other assets from their Australian companies or properties whilst also allowing the organiser to sign off on settlement documents, set up ultilies, insurances and manage the investment without Australians having to travel to the US.
In general an LLC is a pass through entitiy which can be cheaply renewed each year. It does become complicated and more expensive for tax purposes once you have multiple members or register as a company.As advised by our accountant you CAN NOT REGISTER AS A "S CORPORATION" AS A US NON RESIDENT AS A SHAREHOLDER. I suggest people discuss this with their accountant as I have read many people suggesting this is an option for Australians. Registering as a corp may also discredit the abilty to claim individual tax credits and tax advantage of the double tax treaty from Australia. Also view the Geoffrey rule which advises that if business is conducted within a State then state tax is payable beyond what state your "Master Enitity" is held.
Love talking to fellow investors, happy to chat about any questions investing in the US – through us or not.
Long time stalker. Just posting to thank Property Scout for this information. We followed the steps, for the state of Utah but still much the same.
– Registered the LLC, one little hiccup meant we paid $22 unnecessarily to reserve the name we wanted to register. Otherwise just the state fees.
– Paid $125 for Registered Agent annual fee. There were cheaper and probably just as good for what they do. It has worked so far.
– Free LLC Operating Agreement,
– Got an EIN by phone. It was an hour long phone call but we got there. Even at overseas phone rates it was still less than $10.And as of yesterday we have a US bank account. Applied for in person with the above paperwork in order.
Great to read this post.
We are in the process of setting an LLC up. I kept looking for something cheaper than 1000,1500 etc, thinking this can't be right!
I'm setting up in TN, looks like they have a similar way to do it also.outatrim wrote:Long time stalker. Just posting to thank Property Scout for this information. We followed the steps, for the state of Utah but still much the same. – Registered the LLC, one little hiccup meant we paid $22 unnecessarily to reserve the name we wanted to register. Otherwise just the state fees. – Paid $125 for Registered Agent annual fee. There were cheaper and probably just as good for what they do. It has worked so far. – Free LLC Operating Agreement, – Got an EIN by phone. It was an hour long phone call but we got there. Even at overseas phone rates it was still less than $10. And as of yesterday we have a US bank account. Applied for in person with the above paperwork in order.Long Time Stalker or others,
I assume your new LLC was created with you as manager/s personally and then used your passport as ID for bank account and EIN request.
Has anyone created an LLC owned by their Australian SMSF?
Which websites were suitable for the "free Operating Agreement"
No personal ID to use for bank account or other checks. We do ahve ABN and TFN for Australia but do not think our US mates think highly of these…We have a personal LLC that is opeartional with bank accounts so expect bank to be OK based on our other account relationships.
HI All,
great thread. Please keep the info coming. I was wondering if anyone had tried to set up a LLC online, for Arizona. Right now, to me, it would seem as though this cant be completed online. You have to fill out the forms, provided on this website,http://www.azcc.gov/divisions/corporations/filings/forms/packets.asp#domestic
after-which you then send the forms to your Registered Agent in Arizona, so they can sign to say that they are happy to be appointed as my agent, and THEN send it to the appropriate authorities, all via normal post. Within 60 days of your LLC being approved, you must then publish your filings with a newspaper for 3 consecutive issues. ?????
I want to set up the LLC, and am willing to jump through these hoops, I just wanted to see if others have done this previously and if I am going about it the correct way. I do have an email from the Registered agent saying that they are willing to provide their services, but is this what they want and is that enough for Arizona ??
Thanks in advance
M
and a Merry Xmas to you all
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