Question about the structure of creating an Import/Export Business in Texas

[zebu]

I am creating an Import/Export company with ties to Asia and South America. I am a one man team so far with implications to grow fast within one to two years. Let's say for a hypothetical projection that in 2019 that gross sales are small between 50K and 70K. My idea is to possibly register this company as an LLC.

I don't know whether initially, I should have my LLC taxed as a Sole proprietor or a Corporation? Given this above scenario and double tax situation of a corporation, which direction would the professional advice lean with regards to this structure?

One other factor is that I will have a "limited partner" from a foreign country. In what ways should I look to integrate the "limited partner" into the structure? Any and all ideas for this Business structure are greatly appreciated.

 

[djbaxter]

We have some members here who are knowledgeable about LLCs and incorporation and tax laws in the US.

Unfortunately, I am not one of them, not even a US resident. But someone should pop in here soon who can answer your questions.

 

[VirtualGlobalPhone]

zebu , the information what you are seeking is just 1 % of what the actual needed for you to decide. The best is to email the company formation firm. Like djbaxter - we have some excellent members who are into this but the best is to consult them with more clear objectives.

Best wishes...

 

[zebu]

Thank you for the input. I will follow up and contact djbaxter with more info.

 

[CPA62]

I am creating an Import/Export company with ties to Asia and South America. I am a one man team so far with implications to grow fast within one to two years. Let's say for a hypothetical projection that in 2019 that gross sales are small between 50K and 70K. My idea is to possibly register this company as an LLC.

I don't know whether initially, I should have my LLC taxed as a Sole proprietor or a Corporation? Given this above scenario and double tax situation of a corporation, which direction would the professional advice lean with regards to this structure?

One other factor is that I will have a "limited partner" from a foreign country. In what ways should I look to integrate the "limited partner" into the structure? Any and all ideas for this Business structure are greatly appreciated.

Most popular structure with foreign investor is LLC taxed as corp. You need to decide how the profit will be remitted. There are FBAR and witholding requirements for dividends etc. I would suggest let your foreign investor form his own LLC and invest in your LLC.