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Hello everyone,
And thanks in advance for reading - I feel it might not be the shortest post, but it's really a biggie for me and any info is highly appreciated.
Also sorry if it gets confusing, this is exactly why I ask, please un-confuse me if you can
Here's my specific situation. I'd like to start a web based business. But...I'm in Eastern Europe, and incorporating locally is not an option - my country is not accepted by Paypal and other websites I'd need to have access to. Purchases are also hell, I often have to send in scans of many documents just to prove I'm legit.
So does anyone has experience or opinion how should I go about incorporating? Here are my thoughts and info I gathered - I researched a lot, but probably still got it wrong :
1) US based LLC:
Sounds like best option, as from my understanding Corporations require more procedures, which are not easy to pull off living across the ocean. But I've heard the following things:
- that LLC formed in one state cannot conduct business with subject from another state before getting some specific credentials for which they might just as well be turned down.
- that it has to have a physical place of operation, and using agents that provide registering at their location + handling administrative things for you is gambling, as there's some kind of inspection that shuts down places which operate this way (have no real location of their own).
- once it's formed, what's the fixed cost of having the LLC? By this I mean are there any expenses besides taxes that need to be covered even if you earned $0?
2) Offshore company:
This is often advertised as administration free, tax free and worry free solution for just a little extra cost. A bit too good to be true. Plus I guess with no accounting records, such company would also not be capable of getting loans.
Are there any other cons of such company that you know of? The kind of business I'd do is purely web-based (website production, ad brokerage, software as a service).
I'm hot for LLC, but really intimidated by administrative aspect - how can I from overseas make sure everything's sound - I'd happily hire a lawyer and a CPA - would that be enough?
Thanks again if anyone read through this.
And thanks in advance for reading - I feel it might not be the shortest post, but it's really a biggie for me and any info is highly appreciated.
Also sorry if it gets confusing, this is exactly why I ask, please un-confuse me if you can
Here's my specific situation. I'd like to start a web based business. But...I'm in Eastern Europe, and incorporating locally is not an option - my country is not accepted by Paypal and other websites I'd need to have access to. Purchases are also hell, I often have to send in scans of many documents just to prove I'm legit.
So does anyone has experience or opinion how should I go about incorporating? Here are my thoughts and info I gathered - I researched a lot, but probably still got it wrong :
1) US based LLC:
Sounds like best option, as from my understanding Corporations require more procedures, which are not easy to pull off living across the ocean. But I've heard the following things:
- that LLC formed in one state cannot conduct business with subject from another state before getting some specific credentials for which they might just as well be turned down.
- that it has to have a physical place of operation, and using agents that provide registering at their location + handling administrative things for you is gambling, as there's some kind of inspection that shuts down places which operate this way (have no real location of their own).
- once it's formed, what's the fixed cost of having the LLC? By this I mean are there any expenses besides taxes that need to be covered even if you earned $0?
2) Offshore company:
This is often advertised as administration free, tax free and worry free solution for just a little extra cost. A bit too good to be true. Plus I guess with no accounting records, such company would also not be capable of getting loans.
Are there any other cons of such company that you know of? The kind of business I'd do is purely web-based (website production, ad brokerage, software as a service).
I'm hot for LLC, but really intimidated by administrative aspect - how can I from overseas make sure everything's sound - I'd happily hire a lawyer and a CPA - would that be enough?
Thanks again if anyone read through this.
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