LLC With Foreign Owners

[connie83]

I need to file a tax return for an LLC partnership - neither owner is in the US.  They created an LLC in the US to hire people here and make sales here.  What Turbotax product do I need to prepare and file the tax return?

[tagteam]

TurboTax Business (link below) but note that the product must be installed and run in a Windows environment.

https://turbotax.intuit.com/small-business-taxes/

You might want to consult, in person, with a tax professional if you are not familiar with accounting or taxation for pass-through entities.

[connie83]

So this product will not work?  

https://turbotax.intuit.com/tax-tips/small-business-taxes/limited-liability-company-taxes/L5TDDlstC

[tagteam]

@connie83 

No, the article (linked to in your post) is basically referring to single-member LLCs with respect to any type of review or return preparation (From 1040 for individuals).

If you have a multi-member LLC, then you need to file a business return (e.g., Form 1065) and TurboTax does not offer a review or preparation for that type of return.

[connie83]

I do need to file the form 1065.  The original link you posted for business returns - will that allow me to file or TurboTax doesn't offer one?

[tagteam]

That link will get you to the web site where you can purchase the TurboTax product that can be used to prepare and file your business income tax return (presumably a 1065).

[connie83]

Thank you very much!

[Oz8712]

@tagteam Hello, thanks for your explanations... it is usefull. I have another question:

So, let say the Cayman ltd wants to form an LLC in WY or NM state... and the Cyaman ltd will be singl-owner of US LLC.  An US LLC will sell the products online (Amazon, ebay) without office, payrol, warehouse and etc. 

What are the tax forms required to file in this case?

Thanks in advance and your time. 

[DaveF1006]

You will need to check with the filing requirements in those states. Since these are legal matters, you will need to consult legal representation in those states for specific requirements. An excellent legal source to consider is here.