Bloomington, IN asked in Business Formation, Business Law and Tax Law for Indiana

Q: If I am 1% partner in a business, how would it impact my taxes or other financial profile

Actually my cousin in Canada wants to register a business in US so that he could provide consulting services in US. He needs me to be the 1% partner so he could register a business in US since I am a resident and soon would be a citizen. I am doing MBA at Kelley School of Business and a have hefty student loan. I wanted to know if there would be any financial repercussions for instance on my taxes etc

1 Lawyer Answer

A: It depends on the corporate structure and jurisdiction. It'll also depend on your other income. You'll most likely have additional reporting requirements personally. You're best off finding a tax expert to advise you on this.

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