How is taxation in Delaware works for a foreign LLC owner?
It depends on many factors such as what you are selling, where and to whom you are selling. The taxes you are obligated to pay are mainly based on your business type. At a minimum, you will have to pay Delaware Franchise Tax which is approximately $300 annually.
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Exempt Companies in the United States Virgin Islands
Exempt Companies in the United States Virgin Islands
In February 1987, the Tax Implementation Agreement was signed between the United States and the Virgin Islands. Therefore, The US Virgin Islands Exempt Companies Act of 1986 became functional a year later. This act is located in Chapter 14, Title 13 of the VI Code and authorized under the United States Internal Revenue Code –...
What Happens If I Do Not Pay My Franchise Tax?
In Delaware, Corporations are required to file an Annual Report and pay the Franchise Tax that is due on or before March 1 each year. If the Annual Report and taxes are not filed and paid by March 1 the following year, the corporation will be declared inoperative and void. In the next calendar year, you have to file what’s called a franchise tax, or an annual report from the previous...
How to get an ITIN
What is an ITIN (or Individual Tax ID Number)?
Every company has a tax identification number in the US, just as any other state in the world. It is primarily used for official recognition of the company.
Just as a company does, everyone who has tax liabilities to the US Government must have a tax identification number. There are two kinds of tax identification numbers in the US. The...