In the United States, ownership of a business, including Limited Liability Companies (LLCs) and corporations, is not restricted to U.S. citizens. Individuals who are non-U.S. citizens are eligible to own these types of businesses. However, with this broad permission, there are specific considerations that needs to be taken into account concerning the type of corporation and the owner’s visa status when it comes to employment.
Proposition 19 has significantly altered the landscape of property tax regulations in California, particularly affecting the longstanding parent-child exclusion for property tax reassessment. This legislative change has directly impacted how real estate properties are transferred from parents to children, necessitating creative approaches for families and real estate investors eager to pass down real estate assets to their heirs in a tax efficient manner. To achieve this goal, real estate limited-liability companies (LLC) need to be established and used as a vehicle for property transfers.
The Corporate Transparency Act (CTA) was enacted in response to increasing worries about the use of anonymous shell companies for illicit activities such as money laundering and terrorism financing. The CTA marks a major shift from the current corporate reporting norms in the United States. Under this law, specific entities are required to disclose their beneficial ownership details to the Financial Crimes Enforcement Network (FinCEN), a division of the U.S. Department of the Treasury. The CTA reporting requirements went into effect on January 01, 2024.