I am a US citizen. If I open an IBC/LLC based in Panama with foreign partners and a corresponding Panama-based business bank account, will that business be subject to any US corporate taxes? Furthermore, will I be responsible for paying any income tax on any of the companies profits? Or will I only need to pay income taxes on money that gets withdrawn to my personal US bank account?
Answer
Suggest you talk to an attorney who handles Federal/MD/International taxation matters. Information will need to be assembled and carefully reviewed for a proper analysis. An experienced tax attorney in MD should be able to handle this type of matter and to protect the interests of the client. Please note that, in accordance with the MD Code of Professional Responsibility for Attorneys, a signed engagement letter is necessary in order to engage my legal services. If I can be of any help to you or people you know, contact me as I would be pleased to provide tax/legal support.
Sincerely,
Bob Beatson, 6-25-2014, 1:41 p.m. EST
Law Offices of Robert Beatson II, 9818 Glynshire Way, Potomac, MD 20854
Email: [email protected]/* */
Website: www.beatsonlaw.com
Practice areas: Tax, business law, computer/high tech/biotech law,
intellectual property, trusts/estates/wills, real estate, litigation, mediation.
Licensed to practice law in: DC, MD, VA, and NY.
ABA Member since 1980
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