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First you open your LLC
How does a out of country investor get a tax ID
It is usually in your best interest to have a Manager Managed LLC, that way the company carries with all responsibility. As well as being your best option instead of the S corp(you cannot open an S corporation in Illinois being a non citizen)
If you create an LLC and hold the porperty in the LLC, you need to follow Georgia (GA) law. In GA, like in NC, you can hire a registered agent (I would suggest this) to handle the corporate filings and establish the registered office. The web site organization of the secretary of state of NC and secretary of state of GA are very similar in many ways, with NC having a FAQ which was quite helpful when I first started an LLC.
In order to obtain your personal ITIN number, file Form W 7 Application for IRS Individual Taxpayer Identification Number.
may need to be identified by the GA filing, the registered agent will guide you as to what you need to provide.
The previous step is for you to obtain the comany EIN.
in any way to GA, but I hope it helps. Maybe you will have some more solid questions to ask for the Attorney/Accountant (they did all this with an accountant)
Here is what a friend of mine did in Illinois in regards of this matter.
but the registered agent you use may provide this for a nominal fee. The LLC, being a GA entity, will be a domestic corporation. Ownership will be yourself and anyone else. and you will be a members of the LLC. Members
After this you need to get your ITIN (file taxes for this) or you can partner with a citizen.
All of this was in Illinois, I do not know if these apply Women Nike Roshe Run
after obtaining the EIN you can open the bank acct, with the company ID number as well as the EIN
My final thought was scrap the LLC and just purchase the appropriate insurance and Umbrella and use my online brokerage account that is based in the US to collect rents etc.
2) For only one SFH in which I will rent do you recommend an LLC or safe to keep in individual name? What exactly is my liability as an owner? Might be a long list.
I am in the process of purchasing property in Atlanta and I am an out of country investor. I am purchasing a rental investment SFH. I have 3 questions:
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The LLC will also need to file annual taxes via a form 1065. your accountant should be able to help you with this part.
Originally posted by Seely:So to confirm, If I open an LLC I need an IEN but will I still need an ITIN for myself and my wife who the income will be passed to or is it wise just to file as an S corp?
Having an LLC taxed as an S Corp probably is not an option for you. S Corps do not allow foreign shareholders. If you are holding this property for rental purposes and choose to go the LLC route, you should opt for the default tax status of a partnership.
Once you registered your LLC you will receive it ID number (You will need this further on to open the acct)
The registered agent for your LLC should be able to open up a checking account for you. That being said, are your planning to use a property manager? If so, do you actually need a US bank account?
Also, How do I open up a US bank account for my LLC when I am out of country? I thought about trying HSBC since we bacnk with them here.
The LLC will need a federal tax payer ID, called an Employer Identification Numbers Nike Roshe Run 2 Black
for the tips, great help. So to confirm, If I open an LLC I need an IEN but will I still need an ITIN for myself and my wife who the income will be passed to or is it wise just to file as an S corp?
3) Can I use my online brokerage account as my account to send rent payments and wire money to Property manager? It is the Bank of Omaha that is used throuh them.
or an EIN. You can apply for an EIN over the phone or via IRA form SS 4, Roshe Run Womens Black
1) How do I acquire a US tax ID as an individual ?
Your LLC will need its own EIN.
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