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I own foreign LLC. LLC made profit in 2017 and paid tax on it abroad. However I didn't receive dividend nor increased my share. Do I have any tax responsibility in US?
Again, I didn't transfer any money from LLC to any of my private bank accounts (US and foreign) and I am not eligible for dividends (as company did not pay dividends). I have not increased number of shares I own. All of the profit LLC incured in 2017 is stored on LLC's bank account.
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I own foreign LLC. LLC made profit in 2017 and paid tax on it abroad. However I didn't receive dividend nor increased my share. Do I have any tax responsibility in US?
If the entity is an independent entity i.e.a corporation that exists independent of the owner(s), then at the individual level the only tax reponsibility is on all the income you receive ( whether distributed and/or re-invested). Since per your post you did not receive anything, there is nothing to report. However, I would strongly suggest that you make sure that this is a corporation ( has a life outside of you and can exist even when you are not ), as the rules for LLCs/ Partnerships/ S-Corp are very different from C-Corps-- for US taxation. Also note that you may still be subject to FBAR and/ or FATCA requirements.
What country and what is the type of entity called in that country ( what type GmbH, Ltd., Company, SA etc. etc. ) ?
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I own foreign LLC. LLC made profit in 2017 and paid tax on it abroad. However I didn't receive dividend nor increased my share. Do I have any tax responsibility in US?
If the entity is an independent entity i.e.a corporation that exists independent of the owner(s), then at the individual level the only tax reponsibility is on all the income you receive ( whether distributed and/or re-invested). Since per your post you did not receive anything, there is nothing to report. However, I would strongly suggest that you make sure that this is a corporation ( has a life outside of you and can exist even when you are not ), as the rules for LLCs/ Partnerships/ S-Corp are very different from C-Corps-- for US taxation. Also note that you may still be subject to FBAR and/ or FATCA requirements.
What country and what is the type of entity called in that country ( what type GmbH, Ltd., Company, SA etc. etc. ) ?
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I own foreign LLC. LLC made profit in 2017 and paid tax on it abroad. However I didn't receive dividend nor increased my share. Do I have any tax responsibility in US?
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