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Best company structure for holding assets for investing
I am having a large amount of money transferred to me from overseas. The money is already in the United States and my friend's small business is holding it in his business bank account. Now in order to pass that money to me, it gets tricky. The amount of cash involved far exceeds tax free gift limit of $12,000 in cash, and far exceeds the $345,000 life time allowable tax-free gift amount. For my friend to transfer that money to my personal bank account will definitely raise red flag and IRS attention.
What is the best solution here? I am thinking to setup a company and do a B2B transaction. This money will be used for multiple investments, equity will be one area, and the original capital will not be withdrew, any additional gain will be taken out. Now I've looked into forming a LLC, in which i will be the only member/owner. In NY this will cost me around 1400$ to setup, excluding annual filing and tax report fees. The breakdown: 400$ for filing including express mailing and tax ID, 1000$ for publication of Article of Organization on newspapers for 6 weeks (required for NY). I've also consider registering in other states but the fees adds up in the long term (250$ extra every year for registered agent and out of state tax filing fee).
If I file for LLC, any gain/loss can be combined into my personal tax filing and any additional gain from my investment can be easily realized. I guess I just wanted to ask if this is a plausible plan. And also 1400$ is pretty steep, can I file for INC? and what are the pros and cons if I file for INC in my particular case.
What is the best solution here? I am thinking to setup a company and do a B2B transaction. This money will be used for multiple investments, equity will be one area, and the original capital will not be withdrew, any additional gain will be taken out. Now I've looked into forming a LLC, in which i will be the only member/owner. In NY this will cost me around 1400$ to setup, excluding annual filing and tax report fees. The breakdown: 400$ for filing including express mailing and tax ID, 1000$ for publication of Article of Organization on newspapers for 6 weeks (required for NY). I've also consider registering in other states but the fees adds up in the long term (250$ extra every year for registered agent and out of state tax filing fee).
If I file for LLC, any gain/loss can be combined into my personal tax filing and any additional gain from my investment can be easily realized. I guess I just wanted to ask if this is a plausible plan. And also 1400$ is pretty steep, can I file for INC? and what are the pros and cons if I file for INC in my particular case.
