Get a unique business name and address in your state. Forming an LLC gives you flexibility to choose taxation and allows easy transfer of ownership. Fill out and file the document.
Costs and Process
Use an online service and pay only mandatory state fees to form an LLC for free. The main LLC cost is the filing fee from forty to five hundred dollars depending on the state.
Craft an operating agreement. Non U.S. individuals provide LLC information to get an EIN.
Financial Considerations
LLC termination gain or loss is determined per member. Track your investment basis, adjusted annually per your K-1. Compare final distribution to basis to determine capital gain or loss.
Questions on Compensation
Is it good to pay myself from my LLC?
What is the best way to pay yourself as a business owner?