My question is threefold. I have a business partner in the US that currently owns an LLC in Ohio. I am going to be a partner and we are going to re-register the business in both our names. However I currently live in Canada and am a Canadian citizen.
First - What do I need in place to ensure he can’t just up and take off on me (and that I’m entitled to half of the profits).
Second - what do I need to do in regards to filing taxes (do I have to pay money to the IRS and the CRA?, if so where can I find information on that.)
Third – Do I get to claim things against my taxes in Canada as business expenses for the business that’s in the states?
Any direction, information or anything at all would be great. Thanks!
First - What do I need in place to ensure he can’t just up and take off on me (and that I’m entitled to half of the profits).
Second - what do I need to do in regards to filing taxes (do I have to pay money to the IRS and the CRA?, if so where can I find information on that.)
Third – Do I get to claim things against my taxes in Canada as business expenses for the business that’s in the states?
Any direction, information or anything at all would be great. Thanks!