Let's say I already own a LLC (single-member, disregarded entity). Now, I just closed a new business and have a partner in the US, a new LLC will be formed, with two members - my partner and I.
I know that in this case, I'll be under IRS' radar because this would be a two member LLC. Would it be simpler to just add my current LLC to own shares in the new company?
Any suggestions appreciated!
Disclaimer: I don't have any issues with paying taxes. I'm just curious about the simplest way to go. Getting an ITIN is a lengthy process and I would rather avoid it as long as possible.
I'll be under IRS' radar because this would be a two member LLC.What does this mean? Under what radar? How's amount of members relevant?
Would it be simpler to just add my current LLC to own shares in theLLCs don't have shares, they have members. Tax-wise (US Federal) your SMLLC is a disregarded entity, so tax-wise there's no difference whether you're a member as an individual or SMLLC (US Federal). State tax laws may be different, and since you appear to be a foreigner - your own country's laws are important as well.
Getting an ITIN is a lengthy process and I would rather avoid it asBut you said you already have a LLC in the US, so you should have gotten a tax id by now. Why would being a member of yet another LLC make any difference? The ITIN is for you, not for the LLC.
long as possible