Hi, I need to find out can we form LLC to manage rental properties outside USA? Can same LLC handle management aspects of K1 partnerships income from another state?
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@riyapedm , in general, an LLC , formed under US laws ( State), whether partnership or sole proprietorship or behaving as C-corp., can do business anywhere. However, the LLC protection is valid only within the jurisdiction of relevant authorities ( usually the state and sometimes by agreement with another state / states. Thus the LLC protection is not valid - generally, absent treaty considerations , in another country. So if the reason you are forming an LLC is to limit your liabilities , then you should consideration forming an entity in that country ( which ? ).
I am not a lawyer --- just my understanding of the LLC regime.
You definitely should consider discussing your situation with a US lawyer as also a lawyer in the country.
Hope this helps
From legal perspective I can get it clarification from lawyers but for tax purposes, can I form LLC in california to manage properties overseas? to get the expenses written off against the profit. - that's the purpose of question on this forum.
@riyapedm , of course -- an entity formed in California under its laws is free to pursue any business , even foreign holdings and/or own foreign entities.
From a tax perspective, for both federal and state, there is no distinction between doing business in the USA or abroad ( unless the foreign country / entity/person is sanctioned ).
Does this answer your query ?
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