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emc011075
emc011075, Master Tax Adviser
Category: Capital Gains and Losses
Satisfied Customers: 2319
Experience:  Master Tax Adviser and Enrolled Agent
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I am a US permanent resident and planning to start a travel

Customer Question

I am a US permanent resident and planning to start a travel company to book airline tickets for my side income. I have a full time regular 9-5 job in US.
I plan to partner with an India based person who will run operations from there and I will open up an LLC here in USA. I know that any profits from LLC will be passed on to my personal income tax return.
Question for you: Should I open up LLC just in my name or in both our names from tax benefit perspective. If I just show my name, all the expenses of the operations and my partners profits have to be shown as expenses / deductions from LLC.
Please advise and let me know, if you need more information.Regards, Pankaj
Submitted: 7 months ago.
Category: Capital Gains and Losses
Expert:  emc011075 replied 7 months ago.
Hi. My name is ***** ***** I will be happy to help you. If you have a partner, you will have to create your LLC as partnership, not single member LLC, regardless of tax benefits. Single member LLCs are run by 1 member, 2 or more partners have to file partnership return and you should open your LLC as such. You will need to apply for EIN number and your partner will have to apply for ITIN (unless he has social security number) since he will have US based income. You will have to check with your state if you are allowed to form LLC/partnership with a nonresident. Most state don't have a problems but there may be some restrictions.
Expert:  emc011075 replied 7 months ago.
I see you read my respond. Do you have any questions? Is there anything else I can help you with today?
Expert:  emc011075 replied 7 months ago.
You are still offline. So if this answered your question, please take a moment to rate my response so that I may receive credit for assisting you today. You find the rating bar on the top of the page – 5 stars. However, if you need clarification, or want to discuss this issue further, let me know. Thank you.

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