American Samoa has launched its new portal that was specially designed to facilitate the process of establishing an LLC. American Samoa LLCs are pretty the same as those in other states but there are many more advantages of using the new LLC online portal.
A limited liability company is a business structure that offers liability protection to its members. An LLC has many benefits but its primary advantage is the fact that it protects its members from liability and also offers unique tax benefits. These benefits create more opportunities for the owners given that their personal assets including bank accounts, homes, cars and other valuable items cannot be considered company assets in case the business goes bankrupt. Despite the numerous advantages, the process of Setting up and LLC for investing in most states is fairly challenging and time-consuming.
The truth is that starting your own LLC involves federal and state filings and a lot more documentation, which could be challenging for budding entrepreneurs. Fortunately, the American Samoa LLC Online portal has been created to solve this unnecessarily complicated process. Indeed, the best way to form an LLC is to use the American Samoa online portal.
The first advantage of starting an LLC business in American Samoa is the fact that it allows everyone to start with the same or possibly better tax benefits and asset protection. It is worth noting that limited liability companies in American Samoa do not need to file state returns; they do not require many categories of taxes including admission tax, gift tax, personal income tax, corporate income tax, unitary tax, or inventory tax. In other words, there is zero income tax on America Samoa limited liability companies.
Another advantage of America Samoa LLCs is the fact that you do not require citizenship to start your own LLC. Rest assured that you will have liability protection over your assets whether or not you are a citizen of American Samoa. This, therefore, implies that people from other states and countries can conveniently start up a limited liability company in American Samoa as long as they fulfil the major eligibility criteria.
Moreover, running a limited liability company in American Samoa legally means that the business debts of all the members are separate from their personal debts. American Samoa LLCs particularly limits the personal liability of its owners, especially during unpleasant unforeseen events.
Starting an American Samoa limited liability company is also quicker and easier. You will not have to worry about federal tax classification as your LLC can rather just adapt its tax status in the form of partnerships and corporations.
Finally, American Samoa is the best state to start an LLC because they do not require annual renewals. This, therefore, means that once you obtain an LLC, you only need to focus on keeping it active and working hard towards achieving its short and long term goals.