Business in US & Brazil with US Partner & Brazilian Partner
by timdorf, Performer
- Created: August 6, 2010, 8:01 am
- Updated: May 2, 2013, 11:12 am
I am an American, living in Brazil. I registered a company (LLC) in Ohio in 2007 and claimed it 2007 & 2008, then inactive in 2009. It is set-up as a single owner.
Now, I am registering a company in Brazil. I have a Brazilian partner. Our company represents foreign companies in Brazil. Currently, we have one US company that we represent, but will be adding more soon.
I am not sure of the best way to handle the taxes or how to;lin- the companies together. For example, any commissions are set-up to be deposited in my US account (my primary personal accounts are in the US and my bank does not charge for international wire transfers). I fear that I would have to pay taxes on the entire amount, because it looks like only income for me. I would like to add my partner to the LLC and to the US bank account, but my partner does not have a Social Security number and may not be able to travel to the US for at least several more months. Of the commissions deposited in the account, a portion will remain in the account as our 'US business account', some of the business account money would be sent to a business account in Brazil. Some will be divided 50/50 for my partner and myself. However, any funds wired to Brazil, may also be subject to taxes again in Brazil. I thought that it would be better to leave the US LLC as 'inactive' and only use a business bank account in Brazil, because it would be easier to documented the money coming into Brazil, however, I have many business expenses that need to be claimed on my taxes in the US, so I really cannot just abandon the US LLC.
For me, it seems complicated, but I am sure somebody can provide direction for us.
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