Thinking of setting up US entity for US bank account
by bbluvva, Window Shopper
- Created: January 22, 2011, 7:45 pm
I have a domain/web hosting reseller account and I would like to set up a bank account with a US bank so I can have funds directly paid into my account on a monthly basis by the host company. Unfortunately, I am not based in the US and this service is for US persons/entities with a TIN. The alternative is being paid on a quarterly basis but I would like more timely access to my profits and the capability of linking it with my PayPal account as well as using an international debit card and internet banking so I can access the money worldwide.
I was thinking of setting up a business entity and applying for an ITIN, which I believe would enable me to open the bank account.
1. What would be the best business structure to set up, seeing as how I will not actually be operating a business in the US and the business will purely be based on 'earning' the money made through the reseller account.
2. Would I be subject to paying tax to the IRS if I go about setting up the entity and the bank account?
3. How do I go about getting this set up (the business & other government registrations & the bank account), from where I am and what can I expect to be the average costs/timeframe of the getting this set up?
Thanks in advance.
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