Union City, CA · Member since 2017 · 43 posts · 9 votes
I have money (from myself and friends) overseas (my home country) which I want to transfer to fund my newly formed LLC here (me as single member). How do I do that legally and do I have to pay tax on that? Thanks
Rental Property Investor · SE Michigan · Member since 2014 · 4k+ posts · 6k+ votes
8y
Chris:
You are actually dealing with two separate issues here.
1) International tax law
2) SEC compliance issues
In both cases these are very complex issues for which you should seek qualified help.
I'm actually more concerned about your comment that you are taking money from friends and putting it into a single member LLC . If not done correctly, that could get you in bigger trouble than just a tax bill.
Union City, CA · Member since 2017 · 43 posts · 9 votes
8y
Thank you @Greg Scott . My friend will be added to the LLC as well, just that he's a foreigner and the process takes time while we want to get the business running asap.