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This will transform the United States Territory into the go-to place for business.
SAN DIEGO, CA, UNITED STATES, June 8, 2022 /EINPresswire.com/ — A limited liability company (also known as LLC) is a separate legal entity that anyone can form in American Samoa. This legal structure combines the protection from liability offered by a corporation with the simpler governance structure and flexibility of a partnership.
For example, if a person sues an American Samoa LLC, individuals don’t have to worry about the individuals personal assets. This is because when individuals start an LLC, personal assets are shielded, regardless of whether the LLC has just one member or several.
American Samoa Launched a New Portal
Setting up an LLC in American Samoa is convenient, simple, and quick. This is why any person from any country or US state can start an LLC (Limited Liability Corporation).Be happy to know that American Samoa launched its “LLC Online Portal.” The Online Portal is convenient and helps potential business owners and entrepreneurs with the steps to form an LLC. When to make an LLC it in a simple and affordable way!
LLCs in American Samoa don’t have to file state tax returns. Other tax benefits include:
No personal income tax
No admissions tax
No gift tax or estate tax
No corporate income tax
No unitary tax
No franchise or inventory tax on income.
The “LLC Online Portal” in American Samoa allows anyone to form an LLC online in the state with all the same, or even better, tax benefits and asset protections as those found in Delaware, Wyoming, or Nevada. However, depending on the legal and financial aspects of a organization, may still have to comply with state-specific requirements.
The Primary Benefits of Establishing an LLC in American Samoa
Here are some key benefits:
There is no state income tax on LLCs
Limited liability and asset protection
LLC assets and property are safe from personal liabilities
Good asset protection laws
There aren’t any citizenship requirements
What is an LLC?
An LLC, also known as a limited liability company, is a US business structure that combines the flexibility, simplicity, and tax advantages of a partnership structure with the personal liability protection of a corporation. Keep in mind that owners of LLCs are known as members. The main benefit of starting a LLC is that it shields participants from liability. Also, LLC startups help offer unique tax benefits. These benefits enhance wealth-saving and creation opportunities for owners.
In the event of a legal dispute or bankruptcy, the owner’s personal assets, such as bank accounts, retirement accounts, homes, and cars, cannot be considered assets of the company.
However, making an LLC is usually fairly challenging and time-consuming without a streamlined and effective process. It involves federal and state filings and plenty of documentation. Difficulties relating to preparing documents, like Articles of Organization, and finding a Registered Agent can inhibit many. Although many business guides outline the process to follow, it can still be quite challenging for budding entrepreneurs and get everything right. However, the new “LLC Online Portal” solves these issues!
The Benefits of Establishing an LLC with American Samoa
The “LLC Online Portal” provides five key benefits to all users.
Free Registered Agent
Open to US & Non-US Citizens
Owner confidentiality
Personal Asset Protection
No State Taxes
Limited Personal Liability
Run a business in American Samoa, legally, business debts for LLC members are separate from personal debts. This means that, unlike a partnership, LLC limits the personality liability of LLC members.
Creating an LLC for tax purposes
Another great reason to start an LLC in American Samoa is to avail its tax perks. In American Samoa, LLCs don’t have to worry about federal tax classification. Instead, LLC startups can just adapt their tax status in the form of partnerships, C corporations, or S corporations.
How this will Benefit American Samoa
The creation will help kickstart a revenue stream in American Samoa. This will transform the territory into the go-to place for business. This will make American Samoa America’s most business-friendly and coveted destination.
Jason Hawkins
How to start an llc
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