Thanks for the two replies I received. In Australia since there’s a tax agreement between the two countries it works harmoniously to set up in the US and be taxed at source but it sounded scary to be considered a non resident foreign alien! and it took an adjustment of thought that you operate like semi independent countries statewide, a good analogy.Friends have legitimate companies and link ups between their US and Australian entiries and it seems to work well.
Many thanks.
We’re Aussie investors deciding whether to form a Wyoming LLC as we’ve heard it’s good for asset protection. We’ll be wholesaling real estate over the internet and are testing which US state is the most profitable.
Do we need to have a lawyer in the state we’re trading in check assignment of contract forms or is a good general legal form written by an attorney enough?
I have heard and read good things about Wyoming LLCs. They do charge you every year (like Nevada does) to keep the thing going or to close it. You will have to register the LLC in whatever state you do business in as a “foreign” entity. This is not foreign as in not American, its foreign as in “out of state”. Then you have to pay the fees in that state as well.
I had formed my LLC in Nevada but due to the cost of annual filing, moved to Colorado. Some states allow you to form the LLC on the web (Colorado, Texas and Nevada do it this way). You will need a Registered Agent in the state where its formed and in each state where you do business. That is because if you are sued, the notice cannot be served outside the state as a state court has no jurisdiction outside its own boundaries (think of States as semi-independent countries and you’ll get a better picture of how this works).
In some of the states (Nevada and Wyoming) there are office services that provide an in state phone number and mailing address, making it look more legit.