Set Up LLC For Cryptocurrency
Cryptocurrencies can be a great investment opportunity. However, there are some legal issues you should be aware of before trading cryptocurrencies in the United States. Todays guide will talk about setting up your LLC in American Samoa and how to utilize cryptocurrency using this new business structure.
Many American Samoa residents want to utilize cryptocurrencies such as Bitcoin and Ethereum for business purposes. You will want to set up a limited liability company (LLC) in American Samoa for this purpose. This article will explain how.
Setup an American Samoa LLC with a digital currency business
You will want to set up your LLC in American Samoa before you do anything else. This is a simple process, and this guide will explain how to do so. Once you have completed this step, you will be ready to utilize cryptocurrency in your business.
Register your cryptocurrency business with the government of American Samoa
You will want to register your cryptocurrency business with the government of American Samoa. This will allow you to legally set up a company in the US territory, which is essential for an LLC. The process is relatively simple; you will just need to submit some documents and pay a small fee.
By registering your business with the government of American Samoa, you will be eligible to apply for an EIN or Employer Identification Number. This will allow you to open a bank account and pay taxes on your cryptocurrency profits. In addition, registering your business with the government of American Samoa will allow you to set up an LLC there, which is one of the most common types of businesses in US territories.
Obtain an Employer Identification Number (EIN) and other tax IDs
You will need an Employer Identification Number (EIN) to open a bank account in American Samoa. You can apply for this tax ID using the IRS website. It takes about two weeks to process, but once you get one, you will be able to open a bank account as any other business would. Also, if you are planning on accepting US customers or selling your products outside American Samoa, you will need a Sales Tax Permit from the Department of Commerce and Labor (DCPL).
Get a bank account for LLC
You will need a bank account in American Samoa to process cryptocurrency transactions. This is because the US government has not yet decided whether or not digital currencies are legal tender – so banks are hesitant to accept them as payment for goods and services.
But, you can open a bank account in American Samoa, which is perfectly legal. And since American Samoa is considered a US territory, you do not need to worry about any other government regulations.
Register your American Samoa LLC with the government inorder to file 1099 for an LLC
And finally, you will need to register your American Samoa LLC with the government. This is a simple process and will cost a few bucks. But, since this process is so straightforward, it might be best to hire an attorney instead of doing it yourself.
Final Words
So this is how you can open an American Samoa LLC. It is a great way to protect your assets while making money from your business. And since it is so easy to set up, there is no reason not to do it.