Legal Question in Business Law in West Virginia
Best way to set my business up for tax purposes, etc.
I have started an online business that will be launching soon. It started out about last October after I hired a programmer from Singapore to build it for me. After seeing my idea, he ask if I wanted to be a partner with him. After some discussion we decided to do a 80% to 20% split. I receiving the former.
We have not discussed any more details of the merger of our services. Other then he will provide all of the programming of the site and I will provide the other admin services for it.
I have question about where to go from here. How should I register this site? Incorporate, partnership, LCC or something else I am not aware. Are there things I should be aware of with tax law? Does my business have to be incorporated in USA.
I would like to protest my interests and be able to enjoy the fruits of my labor. Do you have any suggestions for me?
Sincerely,
Cleve--name removed--
CEO/Myearningezine.com
1 Answer from Attorneys
Re: Best way to set my business up for tax purposes, etc.
You would want your company to be established in the USA; your co-owner would have all the complexities of investment in the USA, but a competent accountant can deal with your interests and the company's without undue difficulty. Be sure to use a Certified Public Accountant for this work.
An LLC is probably the best form of entity to use for this project. However, you should consult with a lawyer with experience in international entity ownership issues, both to advise you on the best form of entity and to form it for you.
Best wishes,
LDWG