Hi folks
I am a Canadian citizen as is my friend, who is also a U.S. permanent resident (awaiting green card). We would like to form a joint venture in the form of an LLC to trade forex and have the option of forming it in either the U.S. or Canada. I will be doing the majority of trading and my friend will fund most of the account and profits will be split equally. My friend is part owner in another company in Canada and he commutes back and forth from the U.S. and Canada everyday (Washington state to Vancouver).
Can anyone advise me on which jurisdiction would be more favourable to register our particular venture and what the pros and cons are for both? My first impression would have me believe the U.S. is more tax friendly, especially with jurisdictions such as Nevada or North Dakota who do not require corporations to file federal taxes or even Washington that only asks for 1.5%.
Also, I am curious to know for my own personal situation, how I can minimize my tax on the income I derive from this operation if we do decide to setup in the U.S. I am assuming I will be obligated to pay my personal rate on that income? Would it be better for me to be named as a shareholder or just a consultant to the company?
Any help on this matter would be greatly appreciated.
Thanks!
I am a Canadian citizen as is my friend, who is also a U.S. permanent resident (awaiting green card). We would like to form a joint venture in the form of an LLC to trade forex and have the option of forming it in either the U.S. or Canada. I will be doing the majority of trading and my friend will fund most of the account and profits will be split equally. My friend is part owner in another company in Canada and he commutes back and forth from the U.S. and Canada everyday (Washington state to Vancouver).
Can anyone advise me on which jurisdiction would be more favourable to register our particular venture and what the pros and cons are for both? My first impression would have me believe the U.S. is more tax friendly, especially with jurisdictions such as Nevada or North Dakota who do not require corporations to file federal taxes or even Washington that only asks for 1.5%.
Also, I am curious to know for my own personal situation, how I can minimize my tax on the income I derive from this operation if we do decide to setup in the U.S. I am assuming I will be obligated to pay my personal rate on that income? Would it be better for me to be named as a shareholder or just a consultant to the company?
Any help on this matter would be greatly appreciated.
Thanks!