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Overseas IC-LLC?

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  • Overseas IC-LLC?

    I am considering an LLC to save on taxes, and for asset protection.

    A quick background:
    I work as an Independent Contractor (1099) with all of my income earned overseas. I am contracted out to a U.S. company based in Va. I own a rental propertey in Tn. and use Tn. as my legal residence. I occasionally stay in Ca. (with my parents) when I am in th States. I may or may not qualify for the Foreign Earned Income exclusion in 2008. I am also considering investing 25k into shares of a (non-public) Company.

    Givin the above info:
    1. Is it worth while for me to start an LLC, S-Corp, or nothing at all.
    2. Which State would be the best.
    3. Which States (given my background) can I legally start an LLC/S Corp.?
    4. I am currently overseas, can I start an LLC from online?

    Thx

  • #2
    The answers to your specific questions can not be meaningful answered in a general, on-line forum such as this.
    Barry S. Phillips, CPA
    www.BarryPhillips.com

    IRS Circular 230 Disclosure: This response is intended to provide general information and written for educational purposes only. It does not establish a client relationship. This communication is not intended to be used, and cannot be used, for the purpose of (i) avoiding tax-related penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to any party any matters addressed herein.

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    • #3
      I agree with Barry. Your situation requires specific professional advice, not the general pointers you might receive in a forum discussion.
      David K. Staub (www.illinoisbusinessattorney.com)
      Forum posts are not legal advice, are for informational and educational purposes only, and are not a substitute for proper consultation with legal counsel.

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