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13 April 2010
Advice is needed on the UK tax implications of a USA limited liability corporation
I turned down acting for a potential client because he has a United States limited liability corporation (LLC). He is a US citizen (non-UK domiciled) residing and working in the UK as an employee for a UK business that is unconnected with his LLC.
The LLC is loss making and continues to operate in the USA. My questions are as follows.
- What are the UK tax implications of operating a foreign LLC whether or not on a remittance basis?
- How is the loss or the profit reported for UK tax purposes?
- What are the implications between operating the LLC on a sole or a joint basis?
I would be very grateful for any advice on this matter.
Query 17 579 – Uncle Sam
Reply from Chicagoan
Uncle Sam has met someone who probably chose an LLC structure for sensible US tax reasons....
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